On June 2, Century Textiles is not only cleared the resistance of 200 days simple moving average (SMA), but successfully closed above the same. It also formed long bullish candle which supported further uptrend from the current levels.
Sunil Shankar Matkar
June 03, 2022 / 06:58 AM IST
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The market gained strength for the first time in last three consecutive sessions despite weakness in Asian counterparts, on June 2. The BSE Sensex rallied more than 400 points to 55,818, while the Nifty50 rose over 100 points to 16,628 and formed Bullish Engulfing candle on the daily charts.
The broader space also participated in the run-up on Thursday, following positive market breadth. About three shares advanced for every two declining shares on the NSE.
India VIX, which measures the volatility in the market, fell by 2.51 percent to 20.32 levels which gave comfort to the bulls but it needs to fall below 18 mark for stability in the market.
Stocks that were in action included Reliance Industries which was the biggest gainer in the Nifty50 and rallied 3.5 percent to Rs 2,724; Raymond which spiked 19.3 percent to Rs 1,271.50; Century Textiles and Industries which climbed 8.7 percent to Rs 876.
Here’s what Shrikant Chouhan of Kotak Securities recommends investors should do with these stocks when the market resumes trading today:
Raymond
The stock has rallied 20 percent on June 2. On Thursday, the stock opened with a strong note and quickly surpassed resistance of Rs 1,100, post breakout it intensified the positive momentum. On the short term time frame, the stock has formed strong price volume breakout continuation formation.
The texture of the pattern suggests breakout action will continue in the near term if stock succeeds to trade above Rs 1,070 level. For the swing traders, Rs 1,070 should be the sacrosanct level and trading above the same we could expect uptrend continuation wave till Rs 1,500-1,525.
However, trader may prefer to exit from trading long position, if the stock closes below Rs 1,070.
Century Textiles and Industries
Post short term correction, the stock took the support near Rs 700 and reversed. Post reversal, the stock is consistently holding higher bottom series formation which is broadly positive for the Century Textiles.
On June 2, it is not only cleared the resistance of 200 days simple moving average (SMA), but successfully closed above the same. It also formed long bullish candle which supported further uptrend from the current levels.
For the positional traders, Rs 825 or 200 days SMA would be the key level to watch out. If stock manages to trade above the same then we could expect uptrend continuation wave up to Rs 950-960.
Reliance Industries
Post short term correction, the stock is consistently forming higher top higher bottom formation which is broadly positive. In addition, the stock comfortably trading above 20 and 50 days SMA.
On last Thursday, the stock successfully cleared the short term resistance of Rs 2,680 and succeeded to close above the same. It also formed long bullish candle which indicating further uptrend from the current levels.
Unless it is trading below Rs 2,650, positional traders retain an optimistic stance and look for a target Rs 2,800-2,850. Fresh buying can be consider now and on dips, if any between Rs 2,730 and Rs 2,700 levels with a stop-loss below Rs 2,650.
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