Hot Stocks | Here's why you should bet on Asian Paints, Pidilite Industries, HDFC Bank in short term

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26 Aug, 2025 12:21

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After a correction of around 12 percent from the top of 18,604 levels, the Nifty has bottomed out near 16,400 - 16,370 zone which coincides with 50 percent Fibonacci retracement of previous advance from 14,151 – 18,604 levels and moved up with the formation of Higher Top Higher Bottom pattern. Also it has sustained above its 5-week high which indicates the Nifty has resumed its uptrend.

On the daily charts, the Nifty has sustained above all important moving averages like 20, 50, 100 & 200 days which gives confirmation of the bullish sentiments for the medium to long term.

However, the momentum indicator like RSI (relative strength index) is sustaining above 60 mark on all the time frames which indicate market has strong positive momentum for the medium to long term.

We believe, the Nifty will face strong resistance at 18,210 and 18,604 mark. On the flip side, the support levels would be placed at 17,380 and 16,830 levels.

In the current week, the stock has given a strong breakout at Rs 2,532 levels with huge volume confirmation and made a fresh Life time high at Rs 2,662 levels and it has sustained at record high levels which indicates strong bullish undertone of the stock.

The momentum indicator RSI has sustained above 65 levels on all the time frames which confirms strong positive momentum of the stock for the medium to long term.

Looking at the prices action and the momentum indicators and other technical parameters we believe this stock has a lot of upside potential left.

Going ahead we expect the prices will move towards Rs 2,845 levels (50 percent extension level of Rs 1,185 – Rs 2,532 projected from Rs 2,171) followed by Rs 3,003 mark (61.8 percent extension level of Rs 1,185 – Rs 2,532 projected from Rs 2,171).

The stop-loss for this trade set up would be Rs 2,530 levels of closing basis.

HDFC Bank has made a Double Bottom price pattern near strong support zone of Rs 1,400 – Rs 1,370 levels and bounced back. Currently the stock is sustaining above its 5-week's high which shows strong bullish sentiments of the stocks for medium to long term.

The weekly RSI is placed above 50 mark also the stock has settled above its 20-week SMA (Rs 1,559) (simple moving average).

As per the momentum indicators and the technical indicators all point towards the possibility of the prices moving higher towards the Rs 1,725 mark (life-time high). If this level is breached, we might see the prices move towards Rs 1,804 (50 percent extension level of Rs 738 – Rs 1,641 projected from Rs 1,353).

The stop-loss for this trade set up would be Rs 1,400 levels of closing basis.

The stock has been making fresh life time highs consistently since August 2020 which shows strong positive undertone of the stock. The stock has formed CIP formation (Change In Polarity) at Rs 2,850 levels and moved up which shows bullish undertone of the stock.

In the current week as well, the stock has made fresh life time high at Rs 3,540 mark with a big bullish candle. This up move is backed by strong volume confirmation. On the weekly charts, the stock has given a breakout of ‘SOUCER’ price pattern indicating positive strength of trend.

The momentum indicator like RSI is sustaining above 60 mark on all the time frames indicating strong positive momentum of the stock.

As per price pattern, we feel that the stock prices gain momentum and move higher toward the Rs 3,835 (78.6 percent extension level of Rs 2,260 – Rs 3,505 projected from Rs 2,857) levels and eventually towards Rs 4,102 (100 percent extension level of Rs 2,260 – Rs 3,505 projected from Rs 2,857).

Investors can accumulate the stock at this point and hold for a target of Rs 3,835 and Rs 4,102 with a stop-loss of Rs 3,330 on closing basis.