Market Trading Guide: BEL, Torrent Pharma among 5 stock recommendations for Monday – Stock Ideas

Target: Rs 1,565
Stop Loss: Rs 1,355
Rainbow is currently trading around 1,420.75 and has entered a consolidation phase after a significant impulse move, indicating stabilization within an overall uptrend. A breakout above 1,475 could extend this bullish trajectory, targeting 1,565.

The RSI is at 55.95, suggesting the stock is not overbought and has room for further gains. The stock has rebounded from its 50-day EMA, indicating strong support, and has moved above its 20-day EMA, reinforcing momentum.

For long positions, it’s advisable to maintain them with a stop-loss at 1,355. Traders may also consider adding positions if the stock dips to around 1,380. The upside target is set at 1,565, presenting a promising opportunity for further gains.

(Hardik Matalia, Derivative Analyst, Choice Broking)

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