Market trading guide: CDSL among 2 stock recommendations for Monday

Synopsis

Markets rebounded sharply on Friday, supported by positive global cues and encouraging IT earnings. Analysts recommend CDSL and Sumitomo Chemical India as technical buy ideas, citing bullish breakouts, strong volumes and improving momentum indicators.

Markets witnessed a strong rebound on Friday, with benchmark indices gaining nearly a per cent amid supportive global cues and encouraging earnings from the IT pack. However, participants remain watchful of geopolitical developments and world market performance, which could influence market direction in the coming sessions.

Here are two stock recommendations for Thursday:

CDSL - Buy | Buying Zone: Rs 1,432-1,435 | Stop-loss: Rs 1,360 | Target: Rs 1,575

Buy CDSL above Rs 1,432 with a stop-loss at Rs 1,360 for a target of Rs 1,575. The stock has confirmed a strong breakout above a key resistance zone with robust volume expansion, indicating fresh buying interest. Price is trading above the key short-term EMAs, while RSI has moved into the bullish zone, providing multiple technical confirmations for continued upside momentum toward the target.

(Virat Jagad, Sr Technical Research Analyst, at Bonanza Portfolio)

Sumitomo Chemical - Buy | Buying Zone: Rs 514-517 | Stop-loss: Rs 480 | Target: Rs 585

Buy Sumitomo Chemical India above Rs 514 with a stop-loss at Rs 480 for a target of Rs 585. The stock has confirmed a decisive breakout above a key resistance zone with strong volume participation, signalling fresh buying interest. Price is trading above the key short-term EMAs, while RSI has moved firmly into the bullish zone, providing multiple technical confirmations for sustained upside momentum toward the target

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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