Top Two Stocks to Watch Today – 03 October, 2023

Nifty has formed a bullish candlestick pattern with a long upper shadow on the daily chart and traded within the previous day’s range, which resembles a inside bar formation at the downtrend. Generally, the high and low of this candle are important for following sessions to know the further trend.

Nifty opened higher at 19581 and remained in a positive terrain throughout the session after positive global cues. Nifty hit an intraday high of 19726 in the last hour of trade, but saw some profit taking before closing the day with 115 points gains at 19638.

Here are the top two stocks to watch out for Today:

Dr. Lal Path Labs Ltd 

The Dr. Lal Path Labs Ltd stock has logged a breakout of the 44-day cup pattern with a higher volume. It formed a strong bullish bar. It is trading above all key moving averages. The moving average ribbon is in an uptrend. The stock is trading 9.64% above the 50 DMA and 9.07% above the 20 DMA. The RSI is in a strong bullish set-up. MACD shows bullish momentum. The Elder’s impulse system and the KST are in the bullish set-up. It is also above the Anchored VWAP resistance and Ichimoku cloud. In short, the stock registered a bullish momentum. A move above Rs.2530 is positive for the stock and it has potentially to see up-move to levels of Rs 2616.

Jubliant Foodworks Ltd 

The Jubliant Foodworks Ltd stock has registered a rising wedge pattern breakout, which is bearish. It is also closed below the important short-term moving average i.e. 20 DMA. The MACD has given a fresh, bearish signal. The Elder’s impulse system has formed strong bearish bars. The RSI declined below the prior low. The KST and the TSI have given bearish signals. The Stochastics oscillator is coming down from the extreme levels. In short, the stock has registered a bearish pattern breakout. A move below Rs.526 is negative and next support is seen at level of Rs 510.

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.