The benchmark indices corrected after a two-day winning streak, with the Nifty 50 falling 0.76 percent amid weak market breadth. According to reports from LKP Securities, about 1,915 shares declined compared with 1,377 advancing shares on the NSE. The market may consolidate within the previous week's wide trading range in the short term.
Rupak De, Senior Technical Analyst at LKP Securities, recommends PNB Housing Finance with a current market price of ₹1,131. The stock has given a falling wedge pattern breakout on the daily chart, with the 20-EMA and 50-EMA in a bullish crossover. The RSI on the daily chart has given a falling channel breakout, suggesting a positive short-term outlook with potential reach of ₹1,200 and support at ₹1,100. Adani Green Energy at ₹1,341.4 has broken out from a downward consolidation pattern, reclaimed the 50-EMA, and shows high trading volumes with RSI breakout from falling channel, targeting ₹1,410 with support at ₹1,300.
Laurus Labs at ₹2,052.8 is in a cyclical uptrend forming higher tops and bottoms since April, with dips well bought into. The 20-EMA and 50-EMA are in a bullish crossover, targeting ₹2,200 with support at ₹1,954. Leela Palaces Hotels & Resorts at ₹602.45 has broken out from horizontal trendline resistance with rising RSI and MACD above signal line, recommending accumulation in ₹595-605 zone with target of ₹650. MCX India at ₹3,362.6 has been consolidating within ₹3,481–3,057 range since August 21, with DI+ crossing above DI- on ADX indicator, targeting ₹3,610 with stop-loss at ₹3,235.
Restaurant Brands Asia at ₹96.08 is showing signs of potential trend reversal after finding support near ₹92-94 zone and rebounding from recent lows. The stock has reclaimed its short-term moving averages with improving sentiment and momentum indicators turning favorable, targeting ₹103 with stop-loss at ₹92. According to reports from Jainam, the recent recovery from support levels suggests accumulation at lower levels and improves the probability of a breakout.
