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Top Two Stocks to Watch Today – 22 September, 2023

22 September 20234 mins read by Angel One
Top Two Stocks to Watch Today – 22 September, 2023
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Nifty 50

Indian benchmark indices closed for the third straight day in losses after the US Federal Reserve maintained the status quo in its policy meeting but indicated that interest rates will remain higher for longer. Bearish sentiment across the global equities led to selling in the domestic market for the third straight session as market participants fretted over the US Fed statement indicating one more rate hike later this year. Nifty opened lower at 19,841 and remained under pressure to sink to the day’s low of 19,710. It recovered a bit to end the day at 19,742, down 159 points from the previous close.

Persistent Systems Ltd

Persistent Systems Ltd (PERSISTENT)- Rs 5752 ended down by 0.60% on Thursday

The stock closed at the crucial support. It formed a double-top pattern. For the last two days, the high volume shows a distribution. The Bollinger bands began to contract. The stock is trading just 1.92 per cent above the 20 DMA. The MACD has given a fresh sell signal. The Elder impulse system has formed a bearish bar. The RSI on the 60 support level. The KST is about to give a bearish signal, and the TSI has given the sell signal. The stochastic oscillator declines from a prolonged overbought condition. In short, the stock is a crucial support. A move below Rs.5714 is negative and can test Rs.5500. Maintain a stop loss at Rs.5800.

persistent_system

Gujarat Gas Ltd

Gujarat Gas Ltd (GUJGAS)- Rs 441.20 ended down by 1.13% on Thursday

The stock has broken the long-term parallel support. It has broken down the descending triangle on a long-term chart. It is trading below all long and short-term averages. The stock is below the moving average ribbon. Bollinger bands began to expand, indicating an impulse on the downside. The RSI shifted its range into the bearish zone. The MACD is in bearish mode below the zero line. The KST and the TSI have been in the bearish set-up. The stock is below the Anchored VWAP and Ichimoku cloud. The Elder’s impulse system has formed a strong bearish bar. In short, the stock has registered a bearish breakdown. A move below Rs.440 is negative, and the next support level is seen at Rs. 405.

Guj_Gas

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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