Wockhardt and Emcure Pharma Lead Relief Rally in Indian Stocks
The Indian stock market experienced a relief rally on Friday as concerns over an impending US Federal Reserve rate hike eased. However, gains were limited due to profit taking at higher levels and ongoing tensions in the Middle East.
Despite these factors, analysts point out that strong earnings momentum, resilient economic growth, and robust domestic demand continue to underpin investor confidence in the broader market.
Two stocks have been identified as potential buys for Monday: Wockhardt Limited and Emcure Pharmaceuticals Limited. Wockhardt has broken above its horizontal resistance level of 2,040 on the daily chart with a strong bullish candle, indicating a shift towards higher levels.
The stock's short-term EMAs are aligned in favour of the upside, accompanied by expanding trade volume and a rising RSI (Relative Strength Index) towards 65. The recommended buying zone is between Rs 2,088 to Rs 2,099 with a stop-loss at Rs 2,000 and a target price of Rs 2,260.