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Top 2 Stocks to Watch Today

01 March 20244 mins read by Angel One
Here are the top 2 stocks that will be on radar for the day.
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Nifty ended with moderate gains, led by strength in late trade amid volatility throughout the session, which marked the monthly expiry of February derivative contracts. Nifty defended not only the 21-day EMA (exponential moving average placed at 21950) but also a long upward sloping support trendline. The daily time frame formed a bullish candlestick pattern with long upper and lower shadows, resembling the High Wave kind of pattern on the daily charts, signaling ongoing high volatility at the lows. Except for IT and Media, all other sectors ended the day in the green, with PSU Banking and Metal being the top performers. A steep recovery was seen in the broader markets, and Mid and Small Caps settled the day higher in the range of 0.50%-0.65%.

Check: Nifty and Bank Nifty Analysis and Trading Strategy for Today

Now, let’s shift our focus to the spotlight with the top two stocks to monitor this Friday:

Torrent Pharmaceuticals (TORNTPHARM) – Rs 2,675

Torrent Pharma Share Price

The Torrent Pharma stock closed at the pivot of a 16-day flat base. The massive volume indicates renewed buying interest. The Bollinger bands narrowed, and the 20 DMA acted as support during the pattern formation. It is 7.48% above the 50 DMA. The MACD is about to give a bullish signal. The RSI is back in the strong bullish zone. The Elder’s impulse system has formed strong bullish bars. The Stochastic RSI has given a fresh, bullish signal. In short, the stock is about to register a bullish breakout. A move above Rs.2670 is positive, and it can test Rs.2700.

Eicher Motors (EICHERMOT) – Rs 3,800

Eicher Motors Share Price

The Eicher Motors stock broke the rising wedge pattern with higher volume. It closed below all key moving averages and declined below the moving average ribbon. It closed 1.97% below the 50 DMA. The Bollinger bands contracted, indicating an impulse on the downside. The MACD has given a fresh, bearish signal. The RSI faced resistance at 60 several times, and it is below the prior lows. The Elder’s impulse system has formed strong bearish bars. The KST is about to give a bearish signal. The Stochastic RSI is in the bearish setup. It closed below the Anchored VWAP resistance. In short, the stock registered a bearish breakdown. A move below Rs.3790 is negative, and it can test Rs.3660.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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