Top Two Stocks to Watch Today – 12 October, 2023

The market extended its winning streak for the second consecutive session amid buoyant global markets and increased buying activity in heavyweight stocks. The Nifty was up by 121 points or 0.62% at 19,811.

Buoyant global cues helped domestic markets extend gains for a second straight session as moderating US bond yields improved sentiment. With oil prices showing little movement in the wake of the Israel-Palestine conflict, the focus has quickly shifted back to the global macro-economy.

Here are the top two stocks to watch on Thursday:

(HINDUNILVR) – Rs 2,555

The Hindustan Unilever stock closed above its previous high. Higher volume confirms the breakout. It is trading above all the key moving averages. The moving average ribbon has turned upwards. It closed 1.37% above the 50-day moving average (DMA) and 2.57% above the 20 DMA. The MACD line has just crossed above the zero line, indicating improved bullish momentum. The RSI has shifted into the strong bullish zone. The Elder’s Impulse System has formed a strong bullish bar. It also closed above the Anchored VWAP. The KST and TSI indicators are also in a bullish setup. In short, the stock has shown signs of a reversal. A move above Rs. 2,557 is positive, and it can test Rs. 2,590.

Nestle India (NESTLEIND) – Rs 23,211.25

After several attempts in the last 79 days, the stock recorded its highest closing. Volumes were above average. It formed a strong bullish bar and traded above all the key moving averages. It is 3.87% above the 50 DMA and 2.23% above the 30 DMA. The moving average ribbon is in an uptrend. The MACD is above the zero line. The RSI has shifted into the bullish zone. The Elder’s Impulse System has formed a strong bullish bar. The KST and the TSI are in a bullish setup. It is above all resistance levels, including the Anchored VWAP. The Stochastic RSI is also in a bullish setup. In short, the stock has experienced a bullish breakout. A move above Rs. 23,205 is positive, and it can test Rs. 23,550.

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.