Hot Stocks | Here is why you should bet on RITES, and Concord Biotech for short term

About this update from Concord Biotech Ltd.

By Kunal Shah, senior technical & derivative analyst at LKP SecuritiesNifty is facing persistent selling pressure for a second consecutive day on October 25, resulting in a close below the crucial support level at 19,200. Furthermore, Nifty is trading below its significant moving averages, indicating a bearish trend.The immediate support stands at 19,000, with the highest open interest in Put option contracts, while resistance is expected in the range of 19,250-19,300, as seen from substantial Call writing during Wednesday's trading session.The Bank Nifty bears maintained control, leading to a breach of the 43,000 support level. The overall market sentiment remains bearish, and a "sell on rise" strategy is advisable.Immediate resistance is expected at 43,500, and further selling pressure could potentially drive the index down to 42,000, a long-term support level.Here are two buy calls and one sell call for short term:RITES: Buy | LTP: Rs 456 | Stop-Loss: Rs 40 | Target: Rs 500-525 | Return: 15 percentRITES, following a sequence of corrections, is indicating early buying signals from lower levels. The stock retested its prior breakout range of Rs 440-435 and rebounded strongly, signifying strength on shorter timeframes.Furthermore, the oversold condition of the RSI (relative strength index) momentum indicator suggests that a rebound from these levels should not be overlooked.Concord Biotech: Buy | LTP: Rs 1,194 | Stop-Loss: Rs 1,140 | Target: Rs 1,260-1,300 | Return: 9 percentConcord Biotech is displaying a robust uptrend, maintaining higher highs and higher lows on the daily chart. The stock's momentum indicator RSI has experienced a positive crossover, reinforcing the buy signal.Downside support is situated at Rs 1,140, providing a safety net for the bulls, while potential upside targets stand at Rs 1,260 and Rs 1,300.Eicher Motors November Futures: Sell | LTP: Rs 3,408 | Stop-Loss: Rs 3,500 | Target: Rs 3,300-3,275 | Return: 4 percentEicher Motors is currently poised for a potential breakdown on the longer timeframe, encountering robust resistance at Rs 3,500. This bearish sentiment is supported by a negative crossover on the RSI momentum indicator, confirming a sell signal.Should selling pressure persist, the stock may decline to the next support level at Rs 3,300.Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol...

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