Nifty may rebound to 23,800; Rupak De picks Apollo, Laurus Labs and Eternal for the week
Three stocks have emerged as top technical picks for the week, with Apollo, Laurus Labs and Eternal showing positive chart setups. Apollo is expected to move towards Rs 450 after a falling channel breakout, while Laurus Labs could target Rs 2,100 amid a strong uptrend. Eternal also looks poised for a short-term recovery, with a target of Rs 347.
The Nifty index has experienced a five-week streak of losses, bringing it close to the significant 88.6% Fibonacci retracement level of the previous rise from 23,070 to 24,774. Technical analyst Rupak De of LKP Securities believes the index may rebound to the 23,600-23,800 range if it holds above the critical 23,300 mark. While the overall outlook remains bearish, De sees potential tactical pullbacks and has selected Apollo, Laurus Labs, and Eternal as his top stock picks for the week.
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