Choice Broking has issued fresh stock recommendations for today, with ACME Solar Holdings topping their bullish picks. According to Sachin Gupta, VP – Technical Research at Choice Broking, ACME Solar is maintaining a strong bullish structure on the daily chart, with the stock consistently forming Higher Highs and Higher Lows, indicating sustained upward momentum. The stock is trading well above its 20-day EMA at ₹392.56 and 50-day EMA at ₹375.68, reinforcing the positive trend. Choice Broking recommends buying ACME Solar at ₹418 with a stop-loss at ₹392 and upside targets of ₹440 and ₹460. The recent move above the ₹400 zone, accompanied by strong price action and rising volume, further supports the bullish setup, with RSI at 66.61 indicating strong momentum while remaining below the overbought zone.
Choice Broking's second recommendation is Balaji Amines Ltd., which is exhibiting a strong bullish setup on the daily chart, with the stock extending its uptrend after a clear breakout above the ₹2,460 resistance zone. According to Gupta, the recent price action shows strong buying interest, with the stock sustaining well above the breakout area and advancing towards fresh highs. The positive structure is further supported by the stock trading comfortably above its 20-day EMA and 50-day EMA, indicating strength across short- and medium-term trends. Volume has also picked up, while the RSI at 67.64 remains in the bullish zone, reflecting healthy momentum for the near term. Choice Broking recommends buying Balaji Amines at ₹2,525 with a stop-loss at ₹2,420 and upside targets of ₹2,700.
Choice Broking's third recommendation is IOLCP, which continues to strengthen its bullish structure after registering a fresh all-time high following a breakout above its previous peak. The stock is trading comfortably above its short-term 20-day and 50-day EMAs as well as its long-term 100-day and 200-day EMAs, reflecting a strong positive moving-average setup and confirming the strength of the trend across multiple timeframes. The sustained positioning above these key averages indicates that the broader trend remains firmly in favour of the bulls, with buying interest emerging on dips. Momentum remains strong, with the RSI at 73.39, indicating robust buying pressure while also moving into overbought territory. Choice Broking recommends buying IOLCP at ₹200 with a stop-loss at ₹186 and upside targets of ₹225.
The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open on a cautious note on Monday, tracking mixed global market cues. According to Chandan Taparia Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd, the Nifty 50 is facing resistance around 24,000 level and has slipped below that level, forming a gravestone doji sort of a candle on the daily frame. The index formed a bearish candle on the weekly frame indicating profit booking at higher levels. If Nifty 50 crosses and holds above 24,000 zones, upside could be seen towards 24,100 then 24,200 zones, while support can be seen at 23,800 then 23,700 zones. On the option front, maximum Call Open Interest is at 24,000 then 24,100 strike, while maximum Put OI is at 23,900 then 23,950 strike, with call writing seen at 24,000 then 23,950 strike and put writing at 23,900 then 23,950 strike. Option data suggests a broader trading range in between 23,400 to 24,300 zones, while an immediate range between 23,600 to 24,100 levels.
Bank Nifty index has formed a small-bodied candle on daily scale as buying is visible at lower levels but momentum is missing at higher zones. On the weekly scale it formed a Doji sort of a candle with long upper and lower shadows as it has got stuck in a wider range of 1,000 points. According to Taparia, the Bank Nifty index has to cross and hold above 57,500 zones for a bounce towards 57,750 then 58,000 levels, while a hold below the same could see weakness towards 57,000 then 56,750 levels.
