Jatin Gedia of Teji Mandi Investment has recommended three stocks for today's trading session - J&K Bank, DMart, and Jindal SAW. According to reports from Business Standard, these recommendations come as markets show signs of recovery after filling the 7th April gap area at 23,150. A Hammer pattern has formed on hourly charts, suggesting a trend reversal with positive divergence on momentum indicators indicating exhaustion of selling pressure.
J&K Bank is currently trading at ₹148.95 with a target price of ₹159 and stop loss at ₹144. As reported by Business Standard, the stock has broken out of a seven-day consolidation with above average volume, while rising ADX confirms the trend strength. The bank has witnessed a trend reversal with positive momentum indicators supporting the bullish outlook.
DMart is trading at ₹4,168 with a target of ₹4,400 and stop loss at ₹4,060. According to the analysis reported by Business Standard, the stock has broken out from a falling channel, signalling a trend reversal and formed a strong bullish candle at the 61.8% Fibonacci retracement level of 4015. Positive crossover on momentum indicators provides a buy signal for the stock.
Bank Nifty has negated the lower high lower low formation and witnessed a trend reversal, forming a bullish candle with a long lower shadow at the 61.8% Fibonacci retracement level of 53,000. As reported by Business Standard, the momentum indicator has a positive crossover which is a buy signal, with price confirming the bullish sentiment. The index is expected to rally towards 55,600-56,000 with support at 53,200-53,100.
Jindal SAW is trading at ₹251 with a target of ₹277 and stop loss at ₹242. According to the technical analysis reported by Business Standard, the stock has broken out of a six-week consolidation, suggesting the resumption of the next leg of upmove. The RSI sustaining above 60 indicates that bullish sentiment remains intact for the stock.
