There are sometimes when a stock completes its correction, makes a textbook chart pattern and start an up-move. This is what I have observed in NSE:DABUR on weekly charts. What a beautiful structure and just the right time to break-out. It even tested the 200 EMA on weekly and spend considerable time in forming its pattern. Now these patterns can be tricky...
NSE:PIIND PI Industries according to me is an investment grade stock and it has confirmed its breakout after showing a bit of scare last week. Hold for long term, Stop Loss can be at 3630.
Godfrey is in a Triangle formation and this is the chance to catch this stock on it support. Keep a stop loss at 1620 and expect targets of 2030 when the triangle is broken and the consolidation ends. Expect a very sharp move after breakout.
NSE:ROLEXRINGS has given a solid breakout and now one can go long in this position by keeping a stop loss at 2150. It gave an initial breakout and then took out the previous high which makes this breakout more interesting and strong.
IEX Share has broken down and may take support at 130 levels. However, the breakdown is due to fundamental issues and thus, one needs to take a closer look before jumping in. Coupling has been announced and this means that IEX will be hurt when it comes to price matchmaking. Even though IEX is more or less of a monopoly, margins might be under pressure due to new...
Mazagon has given a very strong breakout with all defence theme related stocks moving in today's market. Keep a Stop Loss at 910 and continue to hold. This stock completed its correction properly and then moved ahead. Good pick in my opinion.
Graphite India has given a solid breakout. Keep targets of 400 and 500 on cards.
Globus Spirits looks strong and continues to rally after the initial triangle formation breakout and re-testing. I remain bullish on this stock and my revised stop loss for this share is 940. Go long and keep on trailing. I believe if the momentum supports, it will touch the old all time high.
Kirloskar group has been on my radar for quite some time and now finally it has started moving in a big way. Kirloskar Brothers looks good and one can go long in this by keeping a stop loss at 480.
Tata Motors DVR consolidated for a very long time and even tested 100 Weekly EMA. It gave a breakout recently and one can keep a stop loss 235 and go long for new all time high.
Metro Brands is attempting a breakout and a solid close above 920 should initiate a buy with 920 being your stop loss.
Ceat has given its breakout and has sustained it. It is a big breakout and the slanting line was re-tested as well. Keep stop loss at 1600 and go long. Breakout on Monthly levels.
Datamatics has formed a Darvas Box and is attempting a breakout. A close above 360 would initiate a Buy and that level would then act as a stop loss. Keep a close eye for any positive movement. Long consolidation has happened and a solid breakout would ensure a good run in the stock going forward.
If the shares of Crompton Greaves break the levels of 260 decisively on weekly basis then expect levels of 200 for this share in the coming weeks. However, this level is a good support and if held, this level could also act as a zone for reversal in the future. Act only once the stock has given a decisive breakdown (for shorters).
With other Railway stocks running up, at the current moment only RITES is in the buying zone. Breakout above 380 would initiate a buy and that should then act as your stop loss. KEEP ON RADAR FOR TOMORROW. RVNL and IRCON have given good solid moves.
ICICI Bank has declared a solid set of numbers. ICICI Bank remains one of the strongest banks in the country. Technically also I believe that this is one of the strongest stock in the stock market. In my opinion, one can go long in this share above 940. Hold for long term if 940 is taken out.
Bata India looks strong with a reversal in place. Keep the stop loss at 1390 with targets of 1600 and then 1650. Stock looks strong on technicals and has good relative strength at the moment.
Nykaa has been continuously falling ever since its listing at a very over priced valuation. Everyone was bullish on it back then but no one thought about the risks that would be there if one were to get in at such a high valuation. Well past is in the past and now there are chances that this share might bottom out here. Wait for a reversal before buying.