Anand James of Geojit Investments identified three stocks Lupin, Akums Drugs and Heritage Foods with a favourable technical set-up on charts at current levels.
Hitesh Rathi of Angel One advocates adopting a strategy where dips in Nifty could be bought into, while rallies towards key resistance zones can be utilised to consider short positions.
When a stock becomes oversold, it does not automatically mean it is a good time to buy, cautions Pabitro Mukherjee, Deputy Vice President-Research at Bajaj Broking.
Stock ideas for today: The index could now move towards the next support zone of 23,300-23,100, while any recovery is likely to face resistance around 23,600-23,800.
Till Nifty holds below 23,700, weakness could extend towards 23,500, then 23,400 levels, while on the upside, hurdles can be seen at 23,800, then 23,900 zones.
SPARC appears well-positioned for a short-term recovery after finding support near the 61.8% Fibonacci retracement level of the March low to July high rally.
Stocks to buy today: ACME Solar is maintaining a strong bullish structure on the daily chart, with the stock consistently forming Higher Highs and Higher Lows, indicating sustained upward momentum.
Technical analysts Drumil Vithlani and Ved Anil Gawker flag breakout from consolidation chart patterns on Motilal OFS, CRISIL, City Union Bank and Supreme Petrochem.
Religare Broking's Ajit Mishra said that the sharp decline has pushed Nifty closer to our initial downside target and support of 23,800. A break below this could extend the correction towards 23,600.
Amit Trivedi, technical and derivative research analyst at YES Securities flags key levels to track on MCX India, Ather Energy and Welspun Corp; these stocks rallied up to 39% in August.
Chandan Taparia says that if Nifty crosses 24,100, we could see the index moving towards 24,200-24300. He has recommended buying Persistent Systems, Eternal, & Bajaj Auto shares for the short term
