Indian equities ended Friday’s session with robust gains on the back of positive global cues and across the board buying. Sensex settled with gains of 1031 points, while Nifty settled above 17,350, up 279 points. Sectorally, IT pack led the gains notching higher by over 2%, followed by private bank and realty index.

“Bulls remained at the helm as the benchmark Nifty closed well above the crucial resistance level of 17250. On the daily chart, the index has moved above the recent consolidation, suggesting a rise in optimism. The momentum oscillator RSI has entered a bullish crossover. The trend is likely to remain strong as long as it remains above 17200. On the higher end, the next important level is 17500–17600, where bears will be waiting,” Rupak De, Senior Technical Analyst at LKP Securities, said.

Here are stock recommendations for Monday:

The stock has moved up after a prolonged downward trend on the daily chart, suggesting a rise in optimism. The momentum oscillator is in bullish crossover. The immediate resistance is visible at Rs 3850, a decisive move above Rs 3850 may induce a rally towards Rs 4100. On the lower end, support is placed at Rs 3700.

(Rupak De, Senior Technical Analyst at LKP Securities)

The stock has formed a cluster of support on the lower end of Rs 160-158 which will act as a cushion for the bulls. There are multiple bullish candlestick patterns on the weekly chart which confirms the strength of the stock. The positive momentum is likely to push the stock higher towards the level of Rs 180/195.

(Rupak De, Senior Technical Analyst at LKP Securities)

On a broader time frame, the stock had been in a prolonged downtrend. Therefore it is currently into an oversold territory and available near to its demand area. The texture of the chart formation and technical indicator RSI is indicating that the stock is very likely to rebound for a new leg of the up move from its demand zone.

(Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities)

Jubilant FoodWorks rallied over 3 per cent in today's trade after Sameer Khetarpal joined as its chief executive officer and managing director. The stock closed 2.10 per cent higher at Rs 611.35.

After the short-term correction in the counter from the higher levels, the downward momentum had stopped. On daily charts, the counter has formed a rounding bottom chart formation and reversed its trend from its important support zone. The formation suggests a revival of the uptrend from the current levels.

(Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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