“Balrampur Chinese has given a swing high breakout on the weekly chart, indicating an increase in optimism. The weekly RSI is in a bullish crossover with a strong price momentum signal. In the short term, the trend shares will rise to Rs. May lead to 570. Lower end support, Rs. 500,” says Dey.
Edited excerpts from the chat:
The Nifty has mostly been stuck in a narrow trading range of 400-500 points for the past few days. After Friday’s upside, do you see signs of a new breakout to the upside?
Recently, Nifty has been moving in the range of 400-500 points with a boundary of 24000 and 24400. However, the Nifty on Friday showed early signs of a breakout from the recent consolidation, but a follow-up rally is needed to confirm the continuation. The new uptrend. Hence, Nifty can see a good rally in the near term only if it moves decisively above 24550; Otherwise, it may once again fall into consolidation.
Most of the upside in the market is being driven by IT while banks are underperforming. Do you think Nifty Bank can lead the next phase of the rally?
While the IT sector is likely to continue to outperform the Nifty in the near term, the Bank Nifty looks poised to rally in the coming weeks after a period of underperformance. Individual charts of several banking stocks suggest a good recovery in the near term, which could fuel the rally in Bank Nifty.
Inox was the wind in between the top Beneficiaries of week. How do you go about trading? stock In the coming days?
The stock is consolidating ahead of the recent rally in the stock. In the near term, the stock could go higher once the consolidation ends. Rs. Keeping stop loss below 210 Rs. A momentum bet can be played by buying above 220. At the high end, it costs Rs. May move towards 250.
Ola has saved both positional traders as well as long-term investors. Although it is a very short time frame, could you take a look at the chart and let us know what Is the stock at an overbought level?
Ola Electric has rallied significantly since the listing on the back of investor interest, taking the stock up over 70% in just a few trading sessions. Now as long as it is Rs. The stock will continue to go higher till it stays above 117.
Sugar stocks are in focus as the government is said to be considering raising ethanol prices. And then we also have the Maharashtra assembly elections coming up. Which sugar stocks look attractive from a trading play perspective?
Most of the sugar stocks are seen consolidating recently except Balrampur Chinese and Triveni and may remain in consolidation in the short term. On the other hand, Balrampur has given a strong breakout.
Give us your top trading ideas for the week?
buy Balrampur Chinese Above Rs 525. Target Price: Rs. 550/570. Stop Loss: Rs. 500
The stock has given a swing high breakout on the weekly chart, indicating an increase in optimism. The weekly RSI is in a bullish crossover with a strong price momentum signal. In the short term, the trend has pushed the stock to Rs. May lead to 570. Lower end support, Rs. 500 has been placed.
Buy Tata Motors above Rs 1,100. Target Price: Rs. 1,160. Stop Loss: Rs. 1,069
The stock has given a consolidation breakout on the daily chart, indicating an increase in optimism. The daily RSI has entered a bullish crossover with an indication of strength in price momentum. In the short term, the trend has pushed the stock to Rs. May lead to 1160. Lower end support, Rs. 1069 has been placed.
ICICI Lombard to Rs. Buy above 2,045. Target price: Rs 2,200. Stop Loss: Rs. 1,974
The stock has moved above a recent consolidation on the daily chart, indicating increased optimism. The daily RSI has entered a bullish crossover with an indication of strength in price momentum. In the short term, the trend has pushed the stock to Rs. May lead to 2200. At the lower end support Rs. 1974 has been put on.
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