Top 2 Stocks to Watch Today – 16 October, 2023

Nifty opened more than 100 points down at 19655 and hit a day’s low of 19635 but showed a nice recovery as the day progressed and hit a day’s high of 19805 in the later part of the session. Nifty failed to hold on to the said higher level and saw some profit-taking in the last hour, ending the session at 19751, down 43 points.

Here are the top two stocks to watch on Monday:

1. Tata Motors (TATAMOTORS) – Rs 667.10

The tata motors stock has broken out after 55 days of consolidation. The massive volume confirms the validity of the breakout. The stock closed at a new high and traded above all long and short-term averages. After a long contraction, the Bollinger bands began to expand, indicating possible price expansion. It is 7.65% above the 50DMA. The MACD is bullish on the zero line. The RSI shifted its range into the strong bullish zone. Trading above the Ichimoku cloud and Anchored VWAP resistance. The KST and the TSI indicators have been in a bullish set-up. The stochastic RSI is also in the strong bullish mode. The Elder’s impulse system has formed a strong bullish bar. In short, the stock registered a bullish breakout. A move above Rs. 667 is positive for the stock, and it’s likely to test the level of Rs. 685.

3. Bandhan Bank (BANDHANBANK) – Rs 238.90

The bandhan bank stock broke the upward channel with heavy volume. It also broke the 14-day inverted cup pattern, forming a strong bearish candle. It is below the moving average ribbon and all key moving averages. It has just closed on the 50 DMA support. It closed 3.77% below the 20DMA. The MACD is bearish and shows increased bearish momentum. The RSI is below the previous lows and near the bearish zone. Bollinger bands began to expand. The KST and the TSI have been in bearish mode. The Elder’s impulse system has formed a strong bearish bar. In short, the stock registered a bearish breakdown. A move below Rs. 240 is negative, and it can test Rs. 228.

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.