GNFC is in strong uptrend across all timeframes forming a series of higher tops and bottoms. The stock is well-placed above the 20, 50, 100 and 200-day SMA which reconfirmed bullish trend.
Sunil Shankar Matkar
March 14, 2022 / 08:33 AM IST
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Despite some consolidation, the market managed to clock gains continuing its northward journey for the fourth consecutive day on March 11. Pharma, banking & financials, Reliance Industries and ITC supported the market, whereas IT and auto stocks limited the benchmark indices’ gains.
The BSE Sensex added 86 points at 55,550, while the Nifty50 rose 36 points to 16,630, taking total four-day gains to more than 950 points.
The Nifty Midcap 100 and Smallcap 100 indices also participated in up move and outperformed benchmarks by registering 0.6 percent and 0.9 percent gains, respectively.
Stocks that were in action included fertiliser company GNFC, which was the top gainer in the futures & options segment, climbing 12.43 percent to Rs 709, engineering services company BGR Energy Systems, which was locked at 10 percent upper circuit at Rs 92.75, and pharma company Cipla, which rallied nearly 6 percent to Rs 1,044.
The midcap pharma company, Laurus Labs jumped 4.4 percent to Rs 578 and the largest maize processing company Gujarat Ambuja Exports hit a 52-week high of Rs 244.30 before closing Friday’s session with 8.4 percent gains at Rs 238.45.
Here’s what Rajesh Palviya of Axis Securities recommends investors should do with these stocks when the market resumes trading today:
BGR Energy Systems
On the weekly time frame, the stock is inching up, forming a series of higher tops and higher bottoms indicating sustained up trend. Last week’s buying momentum was observed from its 200-day SMA (simple moving average) support zone of Rs 70 levels which remains a crucial support zone.
Above average volumes suggest increased momentum along with participation. Currently the stock is well placed above its 20, 50, 100 and 200-day SMA which reconfirmed bullish trend.
The daily weekly and monthly RSI (relative strength index) continued to remain in bullish mode along with positive crossover which supports sustained strength.
Investors should buy, hold and accumulate this stock with an expected target of Rs 115-123, with downside support zone of Rs 78-70 levels.
Laurus Labs
Since past 5-6 months, the stock was consolidating within Rs 560-450 levels indicating strong accumulation at lower levels. However with last week’s close, the stock has decisively broken out this consolidation range along with high volumes.
The daily and weekly strength indicator RSI continue to remain in bullish mode along with positive crossover which supports sustained strength.
Currently the stock is well placed above its 20, 50, and 100 day SMA which reconfirmed bullish trend. The daily and weekly “Band Bollinger” buy signal indicates increased momentum.
Investors should buy, hold and accumulate this stock with an expected target of Rs 600-630, with downside support zone of Rs 550-520 levels.
Cipla
The stock has witnessed strong breakout from its one year consolidation range (Rs 1,000-850) on a weekly closing basis indicating strong comeback of bulls. This breakout is accompanied with huge volumes which suggests increased participation in a rally.
The stock has also registered a new all-time high which shows bullish sentiment. The daily and weekly “Band Bollinger” buy signal indicates increased momentum. Huge and rising volumes on a rally signifies increased participation on rally.
This buying momentum was observed from its 20, 50, 100 and 200-day SMA which signalled and reconfirmed bullish sentiments.
The daily and weekly strength indicator RSI continue to remain in bullish mode along with positive crossover which supports rising strength.
Gujarat Ambuja Exports
The stock is in strong uptrend across all the time frames forming a series of higher tops and bottoms indicating sustained uptrend. On the daily chart, the stock has witnessed breakout from “rounding bottom” formation which justifies continuation of the earlier up trend.
The stock is well placed above the 20, 50, 100 and 200 day SMA which reconfirmed bullish trend. The daily and weekly “Band Bollinger” buy signal indicates increased momentum.
Huge and rising volumes on a rally signifies increased participation on rally. The daily weekly and monthly RSI continued to remain in bullish mode along with positive crossover which supports sustained strength.
Investors should buy, hold and accumulate this stock with an expected target of Rs 255-280, with downside support zone of Rs 210-190 levels.
GNFC
The stock is in strong uptrend across all the time frames forming a series of higher tops and bottoms indicating sustained up trend. The stock is well placed above the 20, 50, 100 and 200 day SMA which reconfirmed bullish trend.
The daily weekly and monthly RSI continued to remain in bullish mode along with positive crossover which supports sustained strength. The daily and weekly “Band Bollinger” buy signal indicates increased momentum. Huge and rising volumes on a rally signifies increased participation on rally.
Investors should buy, hold and accumulate this stock with an expected target of Rs 735-760, with downside support zone of Rs 650-630 levels.
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