According to Essential Business Intelligence, Nagaraj Shetti, AVP, Technical Research at HDFC Securities, has recommended two stocks for short-term investment today, August 28, with a timeframe of 2-3 weeks. The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open on a muted note following mixed cues from global markets. The choppy movement with weak bias continued in domestic equities for the second consecutive session on Thursday, with overall market breadth remaining negative due to profit booking in selective stocks across the board.
As reported by Essential Business Intelligence, Nifty 50 formed a long bear candle on the daily chart that has broken slightly below the crucial support of ascending trend line at 24,150 levels during closing CAS session. According to Shetti's analysis, the underlying trend of Nifty 50 is choppy with weak bias, and any failure to sustain above the crucial 24,000 mark could trigger more weakness in the short term. The crucial overhead resistance for the Nifty 50 index is placed at 24,380.
According to Essential Business Intelligence, Redington stock price has been in a sharp upside momentum over the last few months, with bullish patterns like higher tops and bottoms intact on daily and weekly timeframe charts. Shetti recommends buying Redington shares for a target price of ₹387 apiece, while maintaining a stop loss of ₹343. The technical analysis shows volume has started to expand during upside movement, and daily/weekly RSI shows positive indications for the stock price.
As reported by Essential Business Intelligence, after witnessing a sharp upmove in early August, UNO Minda share price has shifted into range-bound action in recent weeks. The overall chart pattern indicates formation of a bullish flag, which is an uptrend continuation pattern. Volume and RSI indicators show positive outlook for the stock price ahead. Shetti has issued a 'Buy' call on UNO Minda shares with a target price of ₹1,375 and a stop loss of ₹1,225.
