Analysts flagged bullish setups in Aditya Birla Fashion and Dhani Services.
Indian equity markets snapped a six-day gain to end sharply lower on Friday, with the Nifty index slipping below 24,900. Financials, metals, FMCG, and energy stocks led the sell-off.
On Friday, the Sensex closed 693 points lower at 81,306, while the Nifty 50 ended down 213 points at 24,870. Broader markets fared comparatively better, with the Nifty Midcap index falling 0.1% and the Smallcap index ending 0.2% lower.
And the retail investor sentiment surrounding the Nifty 50 remained ‘bullish’ by market close on Stocktwits.
Stock Moves
Sectorally, barring media, pharma, and select consumer durables, the rest of the indices ended in the red.
Vodafone Idea ended with 7% gains on reports that the government is considering fresh relief measures for its ₹84,000 crore in AGR dues.
Nazara Tech ended 5% lower after the company said that its associate firm, Moonshine Technologies, which operates PokerBaazi and other card-based platforms, has ceased offering online games pla yed with money.
Foseco India surged 13% on its plans to acquire 75% equity of Morganite Crucible (India) for ₹654 crore.
Stock Calls
Railway stocks were in action on Friday. Front Wave Research shared its outlook on a few stocks. Texmaco is in a negative trend and only a close above ₹165 confirms a bottom; recommend staying on the sidelines till then. For Titagarh, they believe the stock has hit a bottom and is attractive for a leg up from here, supported by strong fundamentals. And Jupiter Wagons’ structure mirrors Texmaco. A move above ₹375 is needed to confirm the bottom and start the next rally. Till then, traders are advised to stay on the sidelines.
Analyst Sameer Pande is bullish on Aditya Birla Fashion. On the monthly chart, it found a support around the ₹70-₹75 price band, and the Relative Strength Index (RSI) bounced back from 40. On the weekly chart, it is showing signs of a positive reversal and may face resistance around ₹100-₹110. And on the daily chart, a clear breakout is seen on the Supertrend, 20-day Exponential Moving Average, and VWAP. He recommends a target of ₹105 to be achieved by October 23, with a stop loss at ₹70 on a closing basis.
Vinay Taparia flagged a breakout in Dhani Services, driven by good volumes. The stock can move to ₹74 in the short term, with ₹60 acting as a good support. But a close below ₹57 negates this view.
Markets: What Next?
Globally, European markets traded in the green, while US stock futures indicate a positive start on Wall Street. Investors will be watching for cues from US President Donald Trump’s public address from the White House later tonight.
For updates and corrections, email newsroom[at]stocktwits[dot]com. <