Cummins India rose 3.4 percent to end at record closing high of Rs 1,293 on Friday, and forming three white soldiers kind of pattern on the daily charts with large volumes. In fact, it has broken the consolidation of several weeks on Friday.
Sunil Shankar Matkar
October 31, 2022 / 06:09 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’); 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$ (“#lightbox_cb”).remove(); $ (“body”).append(”); $ (“#lightbox_cb”).css({ filter: “alpha(opacity=80)” }).fadeIn()*/ $ (“#myframe”).attr(‘src’,’https://accounts.moneycontrol.com/mclogin/?d=2′); $ (“#LoginModal”).modal(); } function overlay(n) { document.getElementById(‘back’).style.width = document.body.clientWidth + “px”; document.getElementById(‘back’).style.height = document.body.clientHeight +”px”; document.getElementById(‘back’).style.display = ‘block’; jQuery.fn.center = function () { this.css(“position”,”absolute”); var topPos = ($ (window).height() – this.height() ) / 2; this.css(“top”, -topPos).show().animate({‘top’:topPos},300); this.css(“left”, ( $ (window).width() – this.width() ) / 2); return this; } setTimeout(function(){$ (‘#backInner’+n).center()},100); } function closeoverlay(n){ document.getElementById(‘back’).style.display = ‘none’; document.getElementById(‘backInner’+n).style.display = ‘none’; } stk_str=”; stk.forEach(function (stkData,index){ if(index==0){ stk_str+=stkData.stockId.trim(); }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 lost all morning gains in the afternoon but showed some nice recoveries in the last hour of trade to sustain its positive bias for the second straight session on October 28, the first day of November series. The rally was led by Reliance Industries, HDFC and Bajaj twins, Maruti Suzuki, and power stocks.
The BSE Sensex gained more than 200 points to close near the psychological 60,000 mark, while the Nifty50 faced lot of resistance around 17,800 last week and finally closed below the same level at 17,787, up 50 points on Friday.
But the broader markets moved in other direction as the Nifty Midcap 100 index fell half a percent and Smallcap 100 index declined 1 percent on weak breadth. The fall in volatility also supported bulls as India VIX, the fear index declined 4 percent to 15.92 levels.
Stocks that were in action and outperformed broader markets included Aegis Logistics which climbed nearly 6 percent to Rs 317.5, the highest closing level since July 30, 2021, forming big bullish candle on the daily charts with healthy volumes. The stock has broken long horizontal trend line adjoining multiple resistance points, and also broken long downward sloping resistance trendline adjoining June 11, 2011 and October 20, 2022.
Jubilant Pharmova shares rallied 6.6 percent to Rs 371.5 and formed large bullish candle on the daily charts with strong volumes, continuing uptrend five out of last six consecutive sessions. It has decisively broken the long downward sloping resistance trendline adjoining May 27, 2021 and October 27, 2022.
Cummins India was also in focus, rising 3.4 percent to end at record closing high of Rs 1,293 on Friday, and forming three white soldiers kind of pattern on the daily charts with large volumes. In fact, it has broken the consolidation of several weeks on Friday.
Here’s what Rajesh Palviya of Axis Securities recommends investors should do with these stocks when the market resumes trading today:
Aegis Logistics
On the daily and weekly time frame, the stock is trending up forming a series of higher tops and bottoms representing sustained strength. The stock is well placed above its 20, 50, 100 and 200 days SMA (simple moving average) which reconfirms bullish sentiments.
With Friday’s up move the stock has surpassed the “multi-week” resistance zone at Rs 304 levels on a closing basis. This breakout is accompanied with huge volumes which signals increased participation in the rally.
The daily weekly and monthly strength indicator RSI (relative strength index) is in bullish mode which signifies rising strength.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 340-365 with downside support zone of Rs 300-290 levels.
Jubilant Pharmova
On the daily chart, the stock has witnessed “Descending Triangular” breakout around Rs 358 levels on a closing basis which suggests trend reversal. This breakout is accompanied with huge volumes indicating increased participation.
The 20 and 50-day SMA (simple moving average) bullish crossover suggests bullish sentiments. The daily “band bollinger” buy signal indicates increased momentum.
The daily and weekly 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 400-430 with downside support zone of Rs 345-325 levels.
Cummins India
The stock has witnessed multi-week “consolidation” breakout around Rs 1,260 levels on a weekly closing basis representing continuation of uptrend. This breakout is accompanied with huge volumes indicating increased participation.
The stock is in strong uptrend across all the time frames forming a series of higher tops and bottoms. The daily “band bollinger” buy signal indicates increased momentum.
The daily and weekly 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 1,385-1,450 with downside support zone of Rs 1,250-1,160 levels.
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