With the Indian stock market continuing to navigate a volatile trading environment, investors are likely to track stocks showing improving technical setups and signs of strengthening momentum.
Against this backdrop, Sumeet Bagadia, Executive Director at Choice Broking, has identified five stocks—Swiggy, Finolex Cables, Welspun Living, V-Mart Retail, and Carborundum Universal—with specific levels to watch tomorrow.
1] Swiggy: Buy at ₹284, stop loss at ₹270 and target ₹311
Sumeet Bagadia said Swiggy has delivered a notable technical breakout on the daily chart, moving decisively above a well-defined symmetrical triangle pattern. The breakout is supported by accompanying volume, indicating increased participation and lending credibility to the price expansion.
Further strength is visible as the stock continues to sustain above both the 21-day and 50-day EMAs, highlighting an improving short-term trend structure and supportive price momentum. The combination of pattern breakout, volume confirmation and EMA support provides a favourable technical setup. With 270 as the key risk level, sustained trading above the breakout zone could maintain the positive momentum and open the possibility of an upward move towards the 311 target.
2] Finolex Cables: Buy at ₹1468, stop loss at ₹1395 and target ₹1610
On Finolex Cables, Bagadia noted that the stock continues to display a strong bullish structure on the daily chart, maintaining a consistent pattern of higher highs and higher lows. The stock has further strengthened its setup by breaking above the previous week’s high, with increasing volume providing confirmation of the breakout and reflecting stronger buying participation.
Momentum indicators are also supportive, with the RSI sustaining above the 60 mark, indicating that bullish momentum remains intact. The recent price expansion strengthens the prevailing bullish setup, while 1,395 remains crucial from a risk-management perspective. As long as the stock sustains above the breakout zone, the next upside objective comes into focus at 1,610.
3] Welspun Living: Buy at ₹221, stop loss at ₹211 and target ₹242
Bagadia highlighted that Welspun Living has registered a fresh all-time high breakout on the daily chart, marking a significant expansion in price territory and indicating strong upward traction. The breakout is supported by increasing volume, reflecting heightened participation and adding conviction to the current move. Momentum remains supportive as the RSI continues to hold above the 60 mark, signaling sustained buying strength and keeping the positive momentum intact.
The breakout is gaining credibility through stronger volume participation, while momentum remains firmly supportive above the 60 RSI mark. Traders can keep 211 as the crucial protection level, with sustained strength at the new high zone potentially driving the stock towards 242.
4] Welspun Living: Buy at ₹104, stop loss at ₹99 and target ₹115
Turning to Welspun Living, Bagadia pointed to a positive technical setup on the hourly chart, with the stock triggering a breakout from an ascending triangle pattern, signaling a potential continuation of the underlying upward move. The breakout gains further significance as the stock is sustaining above its 50-day EMA in the hourly chart, indicating that the broader trend remains supportive.
On the daily timeframe, the RSI is showing bullish divergence, suggesting improving momentum and a possible strengthening of buying interest. The alignment of the pattern breakout, EMA support and momentum divergence provides a favourable technical structure. The 99 level remains the key support zone to monitor, while sustained strength above the breakout area could drive the stock towards the 115 target.
5] Carborundum Universal: Buy at ₹1211, stop loss at ₹1150 and target ₹1325
For Carborundum Universal, the Choice Broking analyst said the stock has strengthened its daily-chart structure, with a bullish continuation setup emerging from a pennant pattern. The breakout indicates renewed upward momentum following a period of consolidation, while the stock continues to sustain above both the 21-day and 50-day EMAs, reinforcing the prevailing positive trend. Momentum remains supportive, with the RSI holding above the 60 mark and reflecting sustained buying interest.
The alignment of the pennant breakout with healthy EMA positioning and firm RSI momentum keeps the setup constructive. The 1,150 level will serve as the key risk marker, while sustained strength above the breakout zone could keep the upward momentum active and open the way towards the 1,325 target.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
