Shetti Picks Redington, UNO Minda; Nifty 50 Eyes Flat Open
Stock charts for Redington and UNO Minda, Nifty 50 index data.
Key Highlights
HDFC Securities’ Nagaraj Shetti suggests Redington & UNO Minda for short-term gains. Nifty 50 eyes a flat opening amid mixed global cues and technical support levels.
Nagaraj Shetti, AVP, Technical Research at HDFC Securities, has recommended Redington and UNO Minda shares as short-term buying opportunities for the next 2-3 weeks. This guidance comes as the is expected to open flat on Friday, August 28, 2026, influenced by mixed global market signals.
Domestic equities experienced choppy movement and a weak bias for the second consecutive session on Thursday, with overall market breadth turning negative due to profit booking. Shetti noted that the Nifty 50 formed a long bear candle on the daily chart, breaking slightly below a critical ascending trend line.
Nifty 50 Key Technical Levels
- Nifty 50 broke trend line support at 24,150 levels.
- The index is moving towards the 24,000 support level on a weekly timeframe.
- Failure to sustain above 24,000 could trigger further short-term weakness.
- Crucial overhead resistance for the Nifty 50 is identified at 24,380.
For short-term investors looking at a 2-3 week horizon, Shetti’s picks include Redington and UNO Minda, based on their recent chart patterns and technical indicators.
Redington: Technical Outlook
- Target Price: Rs 387
- Stop Loss: Rs 343
- The stock has shown strong upward momentum and bullish patterns with higher tops and bottoms on daily and weekly charts.
- expansion during upside movements and positive daily/weekly RSI indicators support the recommendation.
UNO Minda: Technical Outlook
- Target Price: Rs 1,375
- Stop Loss: Rs 1,225
- After a significant upmove earlier in the month, the share price has been range-bound, forming a bullish flag pattern.
- Positive volume and RSI also indicate a favorable outlook for UNO Minda.
The market faces a crucial test, as Shetti warned that the Nifty 50’s inability to maintain levels above 24,000 could signal an extended period of short-term weakness.