Market Trading Guide: Buy Hindalco and Waaree Energies on Friday for near term gains up to 8%
Why it matters: Investors can target up to 8% gains by buying Hindalco and Waaree Energies on Friday.
- Nilesh Jain (Centrum Finverse) notes a small bearish candle on the daily chart but maintains a positive broader market outlook, suggesting a 'buy-on-dips' strategy and highlighting 24,000 as a crucial breakout level for a rally towards 24,500.
- Hindalco Industries is recommended for purchase at Rs 985.65, with a target of Rs 1,057 (7% upside) and a stop loss at Rs 950, due to a strong bullish setup, breakout attempt from a descending trendline, and sustained trading above key EMAs.
- Waaree Energies is a 'buy' at Rs 3,232.3, targeting Rs 3,500 (8% upside) with a stop loss at Rs 3,100, as it approaches a key resistance zone, indicating a breakout from prolonged consolidation and strong momentum.
- Kunal Kamble (Bonanza Portfolio) provides the specific technical analysis and recommendations for both Hindalco Industries and Waaree Energies, citing factors like RSI trends and EMA positions.
Despite recent market volatility and a bearish candle formation, the broader market structure remains positive, favoring a 'buy-on-dips' strategy, according to Nilesh Jain of Centrum Finverse. Technical analysts recommend buying Hindalco Industries and Waaree Energies on Friday, targeting near-term gains of 7% and 8% respectively, based on strong bullish setups and momentum indicators.
