Sumitomo Chemical India share price climbed more than 6 percent to end at record closing high of Rs 524 and formed strong bullish candlestick pattern on the daily charts, engulfing previous six days’ negative candle, with above average volumes. It has seen a breakout of long upward sloping resistance trend line adjoining July 15, 2021 and July 12, 2022.
Sunil Shankar Matkar
September 19, 2022 / 06:20 AM IST
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alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; //$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); glbbid=v.id; } }); } }); } else { AFTERLOGINCALLBACK = ‘pcSavePort(‘+param+’, ‘+call_pg+’, ‘+dispId+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function commonPopRHS(e) { /*var t = ($ (window).height() – $ (“#” + e).height()) / 2 + $ (window).scrollTop(); var n = ($ (window).width() – $ (“#” + e).width()) / 2 + $ (window).scrollLeft(); $ (“#” + e).css({ position: “absolute”, top: t, left: n }); $ (“#lightbox_cb,#” + e).fadeIn(300); 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}else{ stk_str+=’,’+stkData.stockId.trim(); } }); $ .get(‘//www.moneycontrol.com/techmvc/mc_apis/stock_details/?sc_id=’+stk_str, function(data) { stk.forEach(function (stkData,index){ $ (‘#stock-name-‘+stkData.stockId.trim()+’-‘+article_id).text(data[stkData.stockId.trim()][‘nse’][‘shortname’]); }); }); function redirectToTradeOpenDematAccountOnline(){ if (stock_isinid && stock_tradeType) { window.open(`https://www.moneycontrol.com/open-demat-account-online?classic=true&script_id=$ {stock_isinid}&ex=$ {stock_tradeType}&site=web&asset_class=stock&utm_source=moneycontrol&utm_medium=articlepage&utm_campaign=tradenow&utm_content=webbutton`, ‘_blank’); } }
The market continued its downtrend for the third straight session with the benchmark indices losing nearly 2 percent on September 16, as FII selling amid rising US dollar index and bond yields on fear of aggressive policy tightening by the Federal Reserve in the upcoming policy meetings caused selling pressure.
The BSE Sensex tanked nearly 1,100 points to 58,841, and the Nifty50 plunged nearly 350 points to 17,531, while the Nifty Midcap 100 and Smallcap 100 indices declined 2.8 percent and 2.6 percent respectively.
Stocks that were in action and outpaced broader markets included Bharat Dynamics which jumped nearly 6 percent to end at record closing high of Rs 921 and formed bullish candlestick pattern on the daily charts with strong volumes. The stock continued to see higher high formation for fifth straight session. It has also seen a breakout of long horizontal resistance trend line adjoining April 19 and August 11.
Sumitomo Chemical India share price climbed more than 6 percent to end at record closing high of Rs 524 and formed strong bullish candlestick pattern on the daily charts, engulfing previous six days’ negative candle, with above average volumes. It has seen a breakout of long upward sloping resistance trend line adjoining July 15, 2021 and July 12, 2022.
Thermax was another stock that was in action, rising nearly 4 percent to end at record closing high of Rs 2,561, forming decent bullish candlestick pattern on the daily charts with above average volumes. It also saw higher high formation for third consecutive session.
Here’s what Rajesh Palviya of Axis Securities recommends investors should do with these stocks when the market resumes trading today:
Bharat Dynamics
On the daily time frame, the stock has confirmed a “triangular” breakout at Rs 900 levels on a closing basis. This breakout is accompanied along with huge volumes indicating increased participation. Currently the stock is well placed above its 20, 50, 100 and 200 days SMA (simple moving average) which reconfirmed bullish sentiments.
The daily weekly and monthly strength indicator RSI (relative strength index) is in bullish mode which signifies rising strength. The daily and weekly “Band Bollinger” buy signal suggests increased momentum.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 980-1,030 with downside support zone of Rs 870-850 levels.
Sumitomo Chemical India
On the daily and weekly time frame, the stock is moving in higher tops and bottoms indicating strong up trend. With current week’s gain the stock has confirmed “multiple resistance” breakout at Rs 505 levels on a closing basis indicating positive bias.
Past couple of week’s rising volumes signal increased participation. The stock has recaptured 20-day SMA and rebounded sharply.
The daily weekly and monthly strength indicator RSI is in bullish mode which signifies rising strength.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 565-600 with downside support zone of Rs 480-460 levels.
Thermax
The stock is in strong uptrend forming a series of higher tops and bottoms across all the time frames. On the weekly chart, the stock has confirmed “rounding bottom” breakout along with huge volumes. This indicates increased participation in the rally.
The stock is well placed above its 20, 50, 100 and 200 days SMA which reconfirms bullish sentiments. The weekly “Band bollinger” buy signals suggested rising momentum.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 2,650-2,730 with downside support zone of Rs 2,400-2,340 levels.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
