Heightened volatility is likely in the stock market, as traders eye Union Budget 2024 announcements later today. Technical analysts believe the NSE barometer Nifty 50 has a strong support at 24,500 which, if breached, could lead to profit booking, confirming the breakdown of the upward-sloping channel. The level of 24,620 is seen acting as crucial resistance, analysts said. Rupak De, Senior Technical Analyst, LKP Securities has come out with five trading ideas that he believes can deliver healthy gains despite the market volatility today:Texmaco Rail & Engineering Ltd: Recommendation: Buy | Target: Rs 296 | Stop loss: Rs 269 The Texmaco Rail stock formed a higher top-higher bottom formation on the daily timeframe. Additionally, the price moved up after finding support above the 21-day exponential moving average. The RSI on the hourly time frame is in a bullish crossover, suggesting a possible shift in price momentum for the short term. In the short term, the stock might move towards Rs 296, with support placed at Rs 269.Dr Lal PathLabs Ltd | Recommendation: Buy | Target: Rs 3,300 | Stop loss: Rs 2,938 De said the Dr Lal PathLabs stock has given a consolidation breakout on the daily chart. It has closed with a bullish candlestick over its previous high and is sustaining above its 21-day and 14-day EMAs, De said. "The RSI shows a bullish crossover on multi-time frame charts, indicating potential upside movement. Although the stock is slightly overbought, it can be bought on a pullback to the 3068, with a stop-loss at 2938 and a target of Rs 3,300," he said.ITC | Recommendation: Sell | Target: Rs 440 | Stop loss: Rs 480 On the daily chart, the ITC stock has formed a Tweezer Top pattern, suggesting a possible bearish reversal in the price. The RSI has entered a bearish crossover and is moving out of the overbought zone, De said. "On the lower end, the stock might move down towards Rs 440. On the higher end, resistance is placed at Rs 480," he said.
Great Eastern Shipping | Recommendation: Buy| Target: Rs 1,700 | Stop loss: Rs 1,300 The stock has formed a Bullish Engulfing pattern on the daily timeframe, following a correction . Additionally, the price moved up after finding support at the 21-day exponential moving average. The RSI on the hourly time frame is in a bullish crossover, suggesting a possible shift in price momentum for the short term. In the short term, the stock might move towards Rs 1,700, with support placed at 1300.Chambal Fertilisers and Chemicals Ltd | Recommendation: Buy | Target: Rs 550 | Stop loss: Rs 494 The Chambal Fertilisers stock formed a Piercing Line pattern following a sideways corrective phase on the daily timeframe. Additionally, the stcrip reclaimed the 21-day exponential moving average. The RSI has entered a bullish crossover, suggesting a possible shift in price momentum for the short term. In the short term, the stock might move towards Rs 550, with support placed at Rs 494.