Market Trading Guide: Analysts Recommend Oil India and ABB for Up to 14% Upside
Nifty recorded its third consecutive gain, propelled by strong performances in financial and energy sectors, while autos and IT tempered the overall upside. Technical analysis indicates a positive outlook for Nifty, remaining above its 50 EMA, with key resistance observed around 25,500. Market analysts are recommending investors to purchase shares of Oil India and ABB India on Friday, citing bullish setups that suggest a potential upside of up to 14% for these stocks.
The Nifty 50 index marked its third consecutive day of gains, primarily fueled by robust performances within the financials and energy sectors. However, the gains were somewhat constrained by underperformance in the automotive and information technology segments. From a technical perspective, the market's sentiment remains positive, with Nifty trading above its crucial 50-day Exponential Moving Average (EMA). Analysts have identified a significant resistance level for Nifty near the 25,500 mark, suggesting that breaching this level could signal further upward movement. Amid this positive market sentiment, experts are specifically advising investors to consider buying shares of Oil India and ABB India. These recommendations are based on what analysts describe as 'bullish setups' observed in the technical charts of both companies. Investors are being encouraged to make these purchases on Friday, with the potential for these stocks to deliver an upside of up to 14%. This guidance targets investors looking for specific opportunities within the current market environment, leveraging the positive momentum driven by certain sectors and favorable technical indicators for individual stocks.
