Market Trading Guide: Buy MTAR Tech & Angel One on Friday for gains up to 12%

Synopsis

The Nifty faces continued weakness, resisting 20EMA, with key support at 23,400. Experts recommend two stocks to buy on dips for near-term gains: MTAR Tech (Target Rs 8,650, 12% upside) and Angel One (Target Rs 370, 9% upside). Both show strong bullish technical breakouts.

Nifty ended marginally lower on Thursday dragged by IT and consumer stocks though auto, metals and realty stocks saw positive action and capped the losses. The index is facing resistance near the 20EMA on the daily timeframe, indicating continued selling pressure at elevated levels.

Rupak De, Senior Technical Analyst at LKP Securities said the RSI remains in a bearish crossover and is trending lower, reflecting weakening momentum. "The overall sentiment continues to remain weak, with the possibility of further downside in the short term. On the lower end, 23,400 is likely to act as a crucial support level; a decisive breach below this mark may trigger panic selling in the market. Conversely, the index needs to move decisively above 23,800 to witness a directional rally and improve the near-term sentiment," De said.

Here are 2 stocks to buy:

Buy MTAR Technologies at Rs 7,500-7,700 | Upside: 12%
Stop Loss: Rs 7,150

Target: Rs 8,650

MTARTECH is currently trading at Rs 7,947, having delivered a parabolic breakout above the key horizontal resistance zone around Rs 7,000 – 7,200 that had previously acted as a ceiling, closing with a strong 6.58% gain on the day. The stock has been in a relentless uptrend since February, consistently making higher highs with price trading well above all key EMAs (20/50/100/200) with volume confirmation adds further credibility to the breakout. Traders can consider buying on dips in the range of Rs 7,500 – Rs 7,700, with a stop loss at Rs 7,150 on a closing basis, targeting Rs 8,650.

(Virat Jagad, Sr. Technical Research Analyst, at Bonanza Portfolio)

Buy Angel One at Rs 330-340 | Upside: 9%
Stop Loss: Rs 308

Target: Rs 370

Angel One is currently trading at Rs 339.65, having staged a clean breakout above the key resistance level of Rs 322.55 and is now challenging multi-month highs, reflecting a significant shift in market sentiment. The stock has recovered impressively from its February lows near Rs 220, carving out a well-structured recovery with higher highs and higher lows, and is now trading above all key EMAs (20/50/100/200), confirming a strong bullish structure across all timeframes. The breakout is supported by a notable volume surge, lending credibility to the move, while RSI at 67.28 is trending upward with its signal line, indicating sustained buying momentum with room before overbought territory. Traders can consider buying in the range of Rs 330–340, with a stop loss at Rs 308 on a closing basis, targeting Rs 370.

(Virat Jagad, Sr. Technical Research Analyst, at Bonanza Portfolio)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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