Analysts from Mirae Asset Sharekhan have issued their latest stock recommendations for key Indian equities, including Bharti Airtel Ltd, Waaree Energies Ltd, and Reliance Industries Ltd (RIL), ahead of Monday's trading session. The advice comes after a week where Indian equity benchmarks saw profit booking, with the BSE Sensex and NSE's Nifty50 closing lower on Friday.
Bharti Airtel: Buy Recommendation
Bharti Airtel Ltd has been identified as a 'Buy' by Mirae Asset Sharekhan. The stock is trading near a potential breakout from a falling channel, suggesting a continued positive trend. Analysts project a target price range of Rs 2,075-2,165, with a crucial stop loss set at Rs 1,765 for both near and short-term investors.
- Technical Indicators: The price is currently above all exponential moving averages on the daily chart. Both the MACD and RSI momentum indicators show a positive crossover and an upward stance above 60, reinforcing the expectation of continued strength.
Reliance Industries Ltd (RIL): Wait & Watch
For Reliance Industries Ltd, analysts recommend a 'Wait & Watch' approach. RIL has been in a consolidation phase, having corrected 23 percent from its peak. It is showing resilience around its 52-week low of Rs 1,253.2, which could signal a potential pullback rally.
- Key Levels: A potential rally could push the stock towards the Rs 1,390-1,425 range, identified as a short-term resistance level. Conversely, a break below Rs 1,253 could lead to a decline towards a support level of Rs 1,190.
- Momentum: Daily momentum indicators, RSI and MACD, indicate an upward trend and a positive crossover near the equilibrium point, suggesting a positive bias for RIL in the near to short term.
Waaree Energies: Buy Recommendation
Waaree Energies Ltd also receives a 'Buy' recommendation. The stock has traded positively, finding support from its swing low after retracing its nearest high at Rs 3,557. Investors are advised to hold the stock, with support at Rs 2,960 on the downside.
- Target & Hurdles: Waaree Energies is expected to move upwards once it surpasses the hurdle of Rs 3,180. A breach above this level could lead to a rally towards Rs 3,330-3,435 for the near and short term.
- Technical Support: The price is supported by a 'golden crossover' of 200 and 50 EMAs at Rs 3,034 and Rs 3,090, respectively. Daily momentum indicators also show a positive cross and an upward stance, aligning with a positive bias.
Disclaimer: This article provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.