Top 2 Stocks to Watch Today – 19 October, 2023

Geopolitical tensions in the Middle East, stemming from the ongoing conflict between Israel and Hamas, have unnerved Indian markets. Investors have adopted a risk-averse approach, resulting in a sell-off of stocks. The market is particularly concerned about the surging crude oil prices, as they could potentially impact inflation and lead to higher interest rates in the near to medium term. Additionally, the market is experiencing an exodus of foreign institutional investment (FII) from the domestic market, with funds being redirected into safe-haven assets such as gold and the US dollar.

Here are the top two stocks to watch today, October 19, 2023:

Piramal Enterprises (PEL) – Rs 1,106.35

The stock has experienced a significant decline, approaching a crucial support level. It has decisively closed below the key moving averages, and the contracted Bollinger Bands indicate a bearish trend. Furthermore, it is trading below the moving average ribbon and is 3.95% below the 50-day moving average (DMA). The MACD has dipped below the zero line, suggesting increased bearish momentum. The Relative Strength Index (RSI) has reached the 40 support level, and the Elder’s impulse system has formed a strong bearish bar. It recently closed below the Ichimoku cloud, and both the KST and TSI indicators are in a bearish setup. The stochastic RSI is also in bearish territory. In summary, the stock has closed in on a crucial support level, and any movement below Rs. 1,015 would be considered negative, potentially testing Rs. 970.

Page Industries (PAGEIND) – Rs 38,620

This stock has closed near a crucial support level and has formed a strong bearish bar, staying below the 20 DMA. It is 3.18% below the 50 DMA, and the Bollinger Bands have narrowed. The MACD remains below the zero line, with the histogram indicating strong bearish momentum. The RSI is at the 40 support level, and the stock has also formed lower highs and parallel support. Both the KST and TSI indicators are in bearish mode. In addition, it is trading below the Anchored VWAP support. In short, the stock is at a critical support level, and any move below Rs. 38,600 would be considered negative, possibly leading to a test of Rs. 37,970.”

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.