Market Trading Guide: Astra Microwave among 3 stock recommendations for Thursday
Indian equities opened higher on Wednesday on positive global cues, tracking gains in US tech stocks, even as hawkish remarks from Fed officials pushed global yields higher while the latest US CPI print reinforced expectations of a December rate hike.
The rupee's recent appreciation, supported by sustained foreign inflows and softer crude prices, together with expectations of higher-for-longer global rates, weighed on IT stocks and caused large caps to gradually give up their early gains.
However, small caps helped the broader market to outperform, while rotation out of defensive pharma stocks into autos and banks suggested risk appetite was returning. Whether this renewed risk appetite holds will depend on upcoming India's October inflation and US PPI data, which together should shape the outlook for domestic prices and global interest rates.
Astra Microwave initiated a decisive multi-week breakout on the daily chart, currently trading at 1,727 after establishing a strong accumulation floor across the 1,500–1,540 base shelf. The impulsive upward move drove price cleanly above its short- and intermediate-term dynamic moving average cluster, reclaiming the 20, 50, and 100 EMAs to turn them into solid underlying support. Sachin Gupta, VP – Technical Research at Choice Equity Broking
Neogen executed a strong bullish momentum thrust to retest its swing peak on the daily chart, currently trading at 2,770 after completing an aggressive multi-session recovery from the 2,150–2,200 base shelf. The impulsive advance preserves an intact sequence of rising dynamic moving averages, with price surging well clear of the dynamic support cluster to challenge all-time high resistance near 2,810. Sachin Gupta, VP – Technical Research at Choice Equity Broking
CDSL staged a powerful bullish breakout thrust on the daily chart, currently trading at 1,407 after carving out a strong base along the 1,170–1,200 support pocket. The aggressive rally pushed price decisively through its entire moving average cluster, cleanly reclaiming the 20, 50, 100, and 200 EMAs to turn them into solid dynamic baseline support.
Sachin Gupta, VP – Technical Research at Choice Equity Broking
Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and his ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclosures here.