Market Trading Guide: Federal Bank, Inox Green among 4 stock recommendations for Thursday – Stock Ideas

Target Price: Rs 1,000-1,050

Stop Loss: Rs 765

Shilpa Medicare is currently trading at Rs 844.65 and has formed a symmetrical triangle pattern, indicating a strong bullish reversal from its support level on the daily chart. This upward movement is backed by a significant increase in trading volume, suggesting potential momentum for a bullish breakout.

If the price closes above Rs 845, the stock could reach short-term targets of Rs 1,000 and Rs 1,050. On the downside, immediate support lies at Rs 800, presenting a favorable buying opportunity on dips. The RSI is currently at 53.89 and trending upward, signaling growing buying pressure. For effective risk management, a stop-loss at Rs 765 is recommended to protect against any unexpected market reversals.

(Mandar Bhojane, Equity Research Analyst, Choice Broking)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)