Market Trading Guide: Craftsman Automation and Laurus Labs offer up to 12% savings

Nifty finished flat in an otherwise range-bound session on Wednesday, posting its fourth consecutive gain. The technical situation remains bullish, with the RSI in a bullish crossover and the index trading above 20DMA, supporting a positive bias.Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said the index encountered resistance at 26,000, resulting in a correction from the day’s high. The short-term trend remains positive as it remains above the immediate support at 25,800, he said. “A decisive move above 26,000 could trigger a further rise to higher levels,” De said.

Here are 2 stock recommendations for Wednesday: Buy Craft automation for Rs 7,900 – 7,950 | Positive: 9.4%

Target: Rs 8,500/8,700

Stop loss: Rs 7,600

Craftsman Automation continues to trade in a strong uptrend, forming higher highs and higher lows on the daily chart. The stock is comfortably above the rising long-term trendline and major moving averages, indicating continued buying interest. After a consolidation phase around the Rs 7,600-7,800 zone, the stock has resumed its upward momentum and is currently trading around ₹8,119, indicating a possible continuation of the bullish trend. The RSI is around 63, reflecting positive momentum without entering overbought territory, leaving room for further upside potential.(Drumil Vithlani, Technical Research Analyst, Bonanza Portfolio)

Buy Laurus Labs around Rs 990 – Rs 1,000 | Benefit: 12%

Target: Rs 1,090/1,120

Stop loss: Rs 950

Laurus Labs has witnessed a corrective phase from the recent highs around Rs 1,120 and is currently showing signs of stabilization around the Rs 980-1,000 zone. The stock is trying to form a base near its key support area and is trading close to its short-term moving average (EMA Rs 995), indicating a possible trend reversal. The RSI is around 52 and has recovered from lower levels, indicating that momentum has improved and downward pressure has subsided. The recent strong bullish candle with higher volumes reflects renewed buying interest at lower levels.

(Drumil Vithlani, Technical Research Analyst, Bonanza Portfolio)

(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of Economic Times)