Momentum Picks: Best Swing Trading Stocks to Keep an Eye On!
Top 3 stocks to watch for Swing Trading.
A small negative candle was formed on the daily chart at the new swing lows of 24,341 with minor upper and lower shadows. Technically, this pattern indicates the formation of a Doji-type candle pattern (not a classical one). Normally, the formation of doji after a reasonable up move or down moves is considered an impending reversal pattern on either side post-confirmation.
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Following are the 3 stocks to watch for Swing Trading:
Railtel Corporation of India Ltd: Railtel Corporation is currently trading at Rs 413.5, up 4.22 per cent from its previous close of Rs 396.75. The stock recorded a traded volume of 62.06 lakh shares on Thursday, close to its 20-day average. Despite being below the 50-day exponential moving average (DEMA), a MACD crossover suggests potential momentum in the near term. The RSI is at 44.20, indicating the stock is not currently in momentum. With a 52-week high of Rs 617.8, Railtel has delivered over 104 per cent returns from its 52-week low, making it one to watch for swing traders.
Deepak Fertilizers and Petrochemicals Corporation Ltd: Deepak Fertilizers is trading at Rs 1120.15, marginally up from its previous close of Rs 1118.75, with a 0.13 per cent change. The stock saw a traded volume of 23.33 lakh shares on Thursday, surpassing its 20-day average. The stock recently bounced from a support level, with the MACD showing a bullish crossover. The RSI stands at 60.08, indicating bullish momentum. The stock has provided 148.92 per cent multibagger returns from its 52-week low, with a 52-week high of Rs 1163.85, positioning it as a swing trade candidate.
Coromandel International Ltd: Coromandel International is trading near its 52-week high at Rs 1641.3, a 2.41 per cent increase from the previous close of Rs 1602.65. Thursday’s volume was 4.40 lakh shares, higher than the 20-day average, showing increased interest in the stock. The MACD has crossed over, indicating a possible upward trend. RSI is trading near the neutral zone at 50.65. The stock has returned 61.06 per cent from its 52-week low, and its proximity to the 52-week high of Rs 1789 makes it one to monitor for swing trading opportunities.
Disclaimer: The article is for informational purposes only and not investment advice.