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Breakout Stocks to Keep An Eye On - Nykaa & Balrampur ChiniNYKAA The stock had been experiencing a significant consolidation period, during which it created an Ascending Triangle pattern. Following a breakout, the price initially surged but encountered resistance around the 195 level, leading to a sharp pullback. Subsequently, the stock price began to rise again but met resistance at the 187 level this time. After a brief consolidation, it developed a Cup & Handle pattern. Recently, a powerful breakout occurred, backed by substantial trading volume, indicating that the price is poised for a significant upward movement. BALRAMPUR CHINI The stock price experienced a significant pullback after it fell below the Rising Wedge pattern. Following this, it entered a prolonged consolidation period, during which it developed an Inverted Head and Shoulders pattern. After the breakout, the price initially soared but underwent a brief consolidation once more before breaking out again. This movement also marks a breakout from the Rounding Bottom pattern, suggesting substantial upside potential for the stock.
NSE:NYKAALong
by GoodluckCapital
BULLISH MARUBOZU FORMATION - UNION BANK OF INDIA STRONG BULLISH CANDLE HAS BEEN FORMED AT A KEY SUPPORT ZONE AREA. The up move may continue with a slight doji-like candle. 134.50-131.50 is a strong support zone (highlighted area); any dip to that area is a buy opportunity ONLY if the market sentiments are positive. You can buy at CMP or wait for it to test the highlighted zone, but as past data shows, the price has never retested when it bounced upwards. LEVELS -Buy at CMP or at 137.25 Do your analysis too before buying. Any further fall is just a good opportunity to add more quantity. -We are aiming for targets of 150, 158, and 170; short to semi-long term respectively. -If it keeps falling after you buy it and you can't bear the loss, consider booking it at 125. Happy Trading :)
NSE:UNIONBANKLong
by rohix
TATA STEEL TAKING A DIP TO ITS DEMAND ZONEDetailed Analysis of Tata Steel Chart Sector: Steel Signal: BUY Logic below: TECHNICAL VIEW - The price is currently above all the key moving averages, which typically indicates an uptrend. However, it is worth noting that the price is very close to the 50-day EMA, which can act as a dynamic support level. Volume: 40.165M | Average Volume: 26.832M The recent trading volume is significantly higher than the average volume, indicating increased investor activity. The presence of large red volume bars suggests higher selling pressure recently. Relative Strength Index (RSI): 44.37 The RSI is below the neutral 50 level but above the oversold threshold of 30, suggesting that the stock is neither overbought nor oversold but is leaning towards a potential buying opportunity if it dips further. Moving Average Convergence Divergence (MACD) - MACD Line: 0.71 - Signal Line: 0.65 - Histogram: 0.08 The MACD is positive, but the histogram shows diminishing momentum. This could indicate a potential bearish crossover if the MACD line crosses below the signal line. Key Levels Support Levels 1. Immediate Support: ₹171.53 (50-day EMA) 2. Next Support: ₹170-168.80 (highlighted zone) 3. Strong Support: ₹150.69 (100-day EMA) Resistance Levels 1. Next Resistance: ₹177.25 2. Strong Resistance: ₹183 (supply zone) Buy Recommendation Based on the current technical setup, buying Tata Steel near the current price level of ₹171.80 can be considered if it holds above the 50-day EMA of ₹171.53. The RSI and MACD suggest some caution is warranted, so a slightly lower entry point could be more favourable. Suggested Buy Level Buy Level: ₹170 - ₹168.75 (ensure the price holds above the 21 EMA) Stop Loss (SL) Stop Loss: ₹166 (just below the highlighted support zone) Target Levels 1. Target 1: ₹177.25 2. Target 2: ₹183 3. Target 3: ₹195 (Fibonacci level) Conclusion Tata Steel is currently near a critical support level around its 50-day EMA. If the price holds above this level, it could provide a good buying opportunity with a favourable risk-reward ratio. Monitoring the volume, RSI, and MACD for any further bearish signals is crucial before entering a trade. Summary Buy Level: ₹170 - ₹168.75 Stop Loss: ₹166 Target Levels: ₹177.25, ₹183, ₹195
NSE:TATASTEELLong
by rohix
Momentum Trading Picks - Alembic Pharma & Quess Corp.Alembic Pharma The stock encountered several rejections around the 1,130 level, leading to a significant correction in price. Eventually, it found support near the 460 level and began to climb upwards. During this upward movement, a Bullish Pole & Flag pattern emerged in the stock price chart, suggesting a potential continuation of the trend. Following a breakout, the price trended upwards with a minor pullback before recently achieving a breakthrough with strong volume support. Quess Corp The price had been trending upwards within a parallel channel until it broke below, leading to a correction. After that, the stock underwent a consolidation phase before gradually moving upwards. A reversal in the downtrend was indicated by the formation of an Inverted Head & Shoulder pattern during this period. The recent strong breakout suggests that the price is poised to continue its upward movement.
NSE:APLLTDLong
by GoodluckCapital
4
AVANTI FEEDS - A Hidden Multibagger!Overview & Observation: 1. Trendline break. 2. Change in price structure. 3. Prices are reversing with double bottom formation and breakouts are sustaining. 4. Buyers have started dominating 5. Good volume support is also present. 6. Momentum will be slow since multiple hurdles are present! Trade Plan Entry = CMP SL = 10% TP = Minimum double and more based on trailing and holding capacity. -Stay tuned for further insights, updates and trade safely! - If you liked the analysis, don't forget to leave a comment and boost the post. Happy trading! Disclaimer: This is NOT a buy/sell recommendation. This post is meant for learning purposes only. Please, do your due diligence before investing. Thanks & Regards, Anubrata Ray
NSE:AVANTIFEEDLong
by SuperNova396
Get ready for a price surge with Dr Reddy & TTK Prestige!DRREDDY After the market crash in March 2020, the stock began a steady upward movement and formed a Bullish Pennant pattern. After breaking out, the price surged and encountered resistance multiple times near the 5,550 level. Consequently, the stock price experienced a significant drop and entered a prolonged consolidation phase. During this phase, an Inverted Head & Shoulders pattern emerged on the chart. Most recently, a breakout has occurred, causing the stock to move higher. TTKPRESTIG The stock price has developed a Head & Shoulder pattern on the weekly chart. After the pattern breakdown, the price underwent a significant consolidation period and created a Double Bottom pattern, suggesting a potential reversal in the trend. By breaking above the pattern's neckline, the price is now moving upwards with a substantial potential for gains.
NSE:DRREDDYLong
by GoodluckCapital
CDSL looks bullish in both the short and long termCDSL previously showed a very good bullish movement and then went through some correction where it formed a head and shoulders pattern. While forming the right shoulder, it went up aggressively, creating a demand zone where the right shoulder should have formed, as shown by the dotted line on the graph. Now the right shoulder has formed upside, and the top of the right shoulder has also been broken, with the price retesting it. On the last trading day, CDSL was down significantly but ended the day positive, showing a sign of rejection. It now looks like a good investment opportunity.
NSE:CDSLLong
by anuragAnand321
BUDGET 2024: Technical Outlook & Money Flow in Different SectorsNSE IT SECTORS NSE:CNXIT TREND: POSITIVE India IT sector is currently on an upward trend. After a bullish Pole & Flag pattern was spotted on the chart, a breakout occurred leading to a surge in index and the formation of a bullish Pennant pattern. Encountering resistance at the 38,600 level, the IT index underwent a correction and consolidation phase. During this consolidation, a Rounding Bottom pattern emerged, suggesting a potential continuation of the trend. Since the breakout, the index has successfully maintained levels above the breakout point and is steadily climbing higher. NSE FMCG SECTORS NSE:CNXFMCG TREND: POSITIVE The chart shows a strong uptrend. In the past, there was a bullish Pole & Flag pattern formation, resulting in a surge after the breakout. The index faced significant resistance at 58,000, causing a correction and consolidation. A Cup & Handle pattern appeared emerged in the chart, suggesting a potential continuation of the trend. The recent breakout in the cup & handle pattern suggests that the FMCG index has managed to stay above the breakout level and is gradually moving higher. NSE METAL SECTORS NSE:CNXMETAL TREND: NEGATIVE The metal industry underwent a period of consolidation time and again in the past. Reaching a peak near the 10,200 level, the metal index consolidated again, and a recent breakdown suggests a potential downward movement. Looking at the downside, the 8,800 level could serve as a solid support, leading to a possible rebound in the index. NSE MEDIA SECTOR NSE:CNXMEDIA TREND: NEGATIVE A bullish Ascending Triangle pattern was visible in the chart earlier. Instead of breaking upwards, the index experienced a breakdown, marked by a powerful bearish marubozu candle. Furthermore, the support level was breached, leading to a notable decline. The index eventually found support and traded within a box pattern. Following the breakout, the index rallied but encountered resistance at the former support level, now acting as a resistance post-breakdown. It is anticipated that the Media index will continue to decline and potentially find support around the 1,750 level.
NSE:CNXITEducation
by GoodluckCapital