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On Thursday, the 30-share headline indices jumped 515.31 points to end at 59,332.60. Its broader peer, Nifty50, also zoomed over 124 points to close above the 17,650 mark.

“Nifty had a decent rally from the lows of 15,200 levels with currently almost attaining the downward sloping trendline resistance zone of 17,800 where there is a crucial resistance barrier, and the chances of anticipating some dip or correction can’t be ruled out. The index got the 17,200 and 17,000 levels where the significant 200 DMA lies as the strong support zone, and there should be a good genuine reason to break those levels. At the same time, a decisive breach and close above 17,800 would trigger another upward movement till around 18,300 levels in the coming days,” said Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher.

“Multiple narrow range candles could attract some price consolidation; however, the appearance of three upward gaps in the past ten sessions with momentum oscillators hovering at the overbought zone is likely to trigger relatively higher price volatility. Nifty’s immediate trading band is between 17,400-17,800 zone,” said Amit Trivedi, CMT, Technical Analyst – Institutional Equities, Yes Securities.

Here are three stock recommendations that analysts suggest for Friday:
Buy at 381
Target: Rs 425
Stop Loss: Rs 362

The stock indicated a breakout above the trendline resistance zone of 376 levels to improve the bias and strengthen the trend with RSI getting stronger, indicating an immense potential for a further upmove in the coming days. With the chart looking attractive, we suggest investors buy and accumulate this stock for an upside target of Rs 425, keeping the stop loss of Rs 362.

Analyst: Vaishali Parekh, Prabhudas Lilladher
Buy at Rs 135.40
Target: Rs 143
Stop Loss: Rs 131

After a short consolidation phase, the stock indicated a breakout above the Rs 134 levels to indicate strength and, with indicators on the improvement, has ample space for further rise. With the RSI on the rise, indicating a strong trend has immense upside potential to gain in the coming days. Buy/accumulate the stock for an upside target of Rs 143, keeping the stop loss of Rs 131.

Analyst: Vaishali Parekh, Prabhudas Lilladher
Buy near Rs 76
Target: Rs 84
Stop Loss: Rs 72

The stock has been gradually trending up and managed to settle above its short-term averages. Positive follow-up action, the stock is likely to open up upside possibility to the 84 zone.

Analyst: Amit Trivedi, Yes 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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