Indian equities on Friday ended on a weak note in a range-bound trade for the second consecutive day. Sensex settled with a cut of 107 points at 66,160, after falling below 66,000 in intraday trade for the first time in 2 weeks, whereas Nifty ended with a minor cut of 14 points at 19,646. Meanwhile, broader markets continued to outperform their headline peers, with the Nifty Midcap 100 index notching a fresh all-time high.

“Nifty remained range-bound for the day, while finding support at 21 EMA. From the current level until the Nifty breaks below 19550, no directional down move is expected, or the market may not favor aggressive shorts. On the other side, below 19550, the index may fall towards 19300. Resistance on the higher end is placed at 19700,” Rupak De, Senior Technical Analyst at LKP Securities, said.

Here are stock recommendations for Monday:

1. Bajaj Auto: Buy| CMP: Rs 4892.50 | Target: Rs 5020| Stop Loss: Rs 4815
On a 4h time frame, the price has been rising continuously in a bullish trend with Higher Highs and Higher Lows formation. In addition, the stock has been building just above the Ichimoku cloud, indicating that the bullish trend may continue in the near term. The indicator Stoch RSI suggested a positive crossover confirming the long position.

2. Maruti Suzuki August Futures: Sell| CMP: Rs 9637| Target: Rs 9400| Stop Loss: Rs 9750
On a daily chart, the stock has witnessed a rejection from its all-time high. In addition, the price has formed a bearish flag pattern just below the prior supply zone, indicating bearish pressure from the top. As per the moon cycle, currently, the price has been trading in the negative zone, which adds more bearish strength to the price.

3. Tata Power: Buy at Rs 235| Stop Loss: Rs 220| Target: Rs 250/260
The stock has experienced a significant breakout on the daily chart, accompanied by a sharp surge in volumes. The momentum indicator RSI has shown a positive crossover, confirming the strength of the stock’s current uptrend. The stock is currently in a strong uptrend, characterized by higher high and higher low formations.

4. NCC: Buy at Rs 147| Stop Loss: Rs 142| Target: Rs 157/160
NCC has experienced a consolidation breakout on the daily chart and is currently holding above a critical moving average. The RSI indicator is showing a bullish crossover, indicating positive momentum. The stock has the potential to reach Rs 160 levels in the near term. On the downside, it has support at Rs 142, which may act as a crucial level for any corrective moves.

5. FDC Ltd: Buy at CMP Rs 340| Target: Rs 450| Stop Loss: Rs 310| Holding period: 6-8 weeks
FDC has not participated aggressively enough in this bull run. But we think it is time for the stock to piggyback the current bull run. FDC is seen breaking out of a very long-term inverse Head & Shoulder trend reversal pattern. The pattern is in play for more than six months, and this makes it a breakout from a very large base.

6. JK Tyre: Buy| CMP: Rs 263| Target: Rs 375| Stop Loss: Rs 243| Holding period: 6-8 weeks
JK Tyre broke out of a major consolidation pattern in early July 2023. The price saw a corrective consolidation pattern over the last three weeks. This consolidation pattern is a “Flag” trend continuation pattern. This signals that there are more upsides to the price. Auto stocks are outperforming the overall markets, and JK Tyre is an outperforming stock among the peer group.

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