Top 2 Stocks to Watch Today – 18 October, 2023

Markets snapped a three-day losing streak with broad-based buying, even as participants remained concerned about rising tensions in the Middle East. All eyes will be on Federal Reserve Chair Jerome Powell, who is scheduled to speak on Thursday, October 19, for further insights into the central bank’s next steps and guidance on US interest rate policies.

Here are the top two stocks to watch on Wednesday: 

Max Financial Services (MFSL)- Rs 938

The stock broke cup like pattern. It closed above 61.8% retracement of the prior downswing. The stock is moving in a rising channel. It sustained above the 20 DMA for the fourth day. It is 4.12% above the 50 DMA. The MACD has given a fresh buy signal. The RSI shifted its range into the bullish zone. The Elder’s impulse system has formed a strong bullish bar. The KST and TSI indicators are about to give bullish signals. In short, the stock has registered a bullish breakout. A move above Rs.942 is positive and it can test the previous high of Rs.961.

(Havells)- Rs 1,382.50

The stock formed a bearish engulfing candle within the box range. It is below the 20 DMA. The Bollinger bands narrowed, indicating an impulsive move on the card. It is 1.34% above the 50 DMA. It closed in the moving average ribbon. The Elder’s impulse system has formed a strong bearish bar. The MACD line below the signal line is declining. The RSI faced resistance at 60 and declined below 50. It closed on the Anchored VWAP support. The KST and the TSI have been in the bearish set-up. In short, the stock is in the box range, closed on the crucial support. A move below Rs.1380 is negative, and it can test the level of Rs.1350. 

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.