Festive Cheer More Likely To Proceed On D-St; 5 stocks which can provide Up To 11% return
Based on a Fibonacci retracement, major support at 9,979 level and fast resistance level is placed at 10,191.
In the backdrop of favorable macroeconomics information and easing geopolitical rigidity, the Nifty witnessed an awesome momentum in opposition to weekend session to the touch all-time-high at 10191-level and closed the session at 10167 degree.
Despite turning slow during the Wednesday’s session, it witnessed a big pullback to surpass its crucial resistance level to maintain present uptrend in the regime.
On its daily value chart, the index formed a powerful bullish candlestick pattern for two consecutive days as it decisively managed to interrupt out from its quick-term shifting moderate levels.
Further, the secondary momentum indicator, suggests a strong rally at current stage with RSI at 64.5 above previous week’s level.
In accordance with a Fibonacci retracement, main fortify at 9,979 level and fast resistance degree is positioned at 10,191.
Ahead of the festive season and earning season, the index is predicted to witness unstable motion as it continues to digest the revenue knowledge, but the long-time period trajectory is intact on the bullish pattern.
Gopala Poly: BUY| Target Rs118 | Stop-loss Rs. 97 |Return 11%
Gopala Poly witnessed a powerful uptrend after consolidating at a decrease stage for a several trading session throughout the prior weeks. It made a series of peaks on its lengthy-term chart despite facing headwinds on sure interval and decisively managed to the touch 52-weeks excessive at Rs119.
However, scrip did not sustain at the upper level and made a wholesome correction on the current range certain. Despite turning bearish in the remaining session, the shopping for regime at closing length eased the scrip to change on certain outlook because it managed to leap back from intraday low on the backdrop of volume growth.
The scrip formed a “cup & handle” kind of a sample on its daily price chart with its tone turning at positive uptrend.
Further, the weekly secondary momentum indicator suggests a strong purchase with RSI at 65 up from the previous level coupled with MACD at 11.16 above its sign line.
With price trading above all the EMA ranges, the stock is presently dealing with an immediate resistance at 119 level followed by the higher resistance level at 128 and strengthen stage at 96, 87.
we've got a purchase advice for Gopala Poly which is currently buying and selling at Rs. 106.05
Rain Industries: BUY| Target Rs. 227 | Stop-Loss Rs. 185 | Return 10% rain Industries
Rain Industries traded on uptrend trajectory for most of the session despite seeing a marginal dip on interval basis but cue remained on bullish phase.
Despite trading at flat observe throughout the opening weekdays, it witnessed a powerful quantity breakout towards the weekend closing and took the scrip to a 52-week excessive at 208.75.
On the weekly worth chart, the Equity stock fashioned a robust bullish belt-hold pattern after sluggish movement in the previous session, indicating an additional uptrend momentum from the current level.
Further, the secondary momentum indicator suggests a robust give a boost to for uptrend with RSI at 68 coupled with a bullish crossover of MACD taking place at current trend.
The Equity stock additionally witnessed a decisive breakout from its 20-days EMA, signalling certain cues in subsequent session. presently, it's going through a resistance at 233 and give a boost to stage at 187.
Now we have a buy suggestion for Rain Industries which is currently trading at Rs. 206.3
Prakash Industries: BUY| Target Rs. 151 | Stop-loss Rs125 | Return 10%
Prakash Industries witnessed a strong bullish reversal trend after consolidation for a few periods at a decrease level. despite trading on the unstable regime, the price-trend endured to leap on bullish entrance coupled with quantity give a boost to and received about 15 percent on weekly foundation.
On the daily price chart, the Equity stock persisted to form a bullish development as it ended the weekend session on positive cues. Following a momentum indicator, which helps bullish uptrend with RSI at 66 coupled with MACD at 3.89 showing crossover from its signal-line.
Further, the Stock managed to close above its 20-days EMA regardless of the selloff all over the early weekend session but managed to rebound to opening stage on the closing period.
Thus strengthening the positive sentiment in forward-looking session. The Stock is currently facing higher-resistance at 156-level and immediate fortify at 127-level .We have a buy advice for Prakash Industries which is presently trading at Rs. 137.95
TCI Express : BUY| Target Rs. 590 | Stop-loss Rs. 535 | Return 5%
TCI witnessed a healthy consolidation at the lower level prior to its uptrend momentum in the current period.
The previous lower level at 481-487 remains a a very powerful enhance for the scrip and bulls managed to raise the scrip to trade at a higher vary and touched an intraday excessive at 605 but managed to maintain.
After closing the session with 10% gain, the stock formed a powerful bullish candlestick sample, indicating a continued momentum at the upper level.
The momentum indicator further suggests a robust strengthen for bullish sentiment at current price level coupled with its crucial breakout from 20-days, 50-days, and 200-days EMA.
The instant give a boost to stage for scrip is currently positioned at 511 and resistance is seen at 603. we've got a buy advice for TCI which is at present trading at Rs. 562.4
Adani Tranmission: BUY| Target Rs. 229 | Stop-loss Rs. 205 | Return 5%
Adani Transmission remains in a strong bullish uptrend recording a series of peaks on the long-term charts. Despite a sideways movement during the early trade in weekend session, stock registered a 52-week high at 223 level on the backdrop of strong volume growth but failed to sustain and closed marginally above the previous close.
Further, the secondary momentum indicator suggests a powerful give a boost to for purchase regime at current level coupled with MACD at 7.9 indicating a bullish trend with crossover from signal-line. The stock will face resistance at 233-level and support level at 195.
We've a purchase advice for Adani Trans which is at the moment trading at Rs. 218.2
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