Pudumjee Paper Products is coming out of one year of consolidation with heavy volume. The primary trend is bullish and there is a breakout of a Bullish Flag formation on the weekly time frame, which may lead to a fresh expansion phase.
Pravesh Gour
November 02, 2022 / 06:18 AM IST
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The Nifty is ready to hit its fresh all-time high as the technical structure is supportive. The index managed to close above the key hurdle of 18,100 with a bullish Cup and Handle formation on the weekly chart followed by a breakout of the broadening wedge formation.
On the upside, 18,350 is an immediate hurdle, then 18,600 is the next resistance. On the downside, 18,000 will act as an immediate support while 17,800 will be the next important support level.
If we look at the derivative data, then Put writers are showing confidence in the 18,100–18,000 zone while there is no conviction among Call writers.
Bank Nifty is showing some tiredness around its previous all-time high of 41,840, but there are no major signs of weakness. If it manages to take out the previous high, then we can expect a short-covering rally towards the 42,500-43,000 levels. On the downside, 40,800 is an immediate support level while 40,300–40,000 is the key support area.
The market is getting good support from foreign investors amid a recovery in global markets, where the market will keep an eye on the outcome of the US Federal Reserve meeting. Apart from this, the last batch of Q2 earnings will continue to drive stock and sector-specific volatility.
Here are three buy calls for next 2-3 weeks:
Pudumjee Paper Products: Buy | LTP: Rs 52.3 | Stop-Loss: Rs 45 | Target: Rs 64 | Return: 22 percent
The counter is coming out of one year of consolidation with heavy volume. The primary trend is bullish and there is a breakout of a Bullish Flag formation on the weekly time frame, which may lead to a fresh expansion phase.
The previous breakout range of Rs 48-46 will now act as an immediate support zone. Momentum indicators are positively poised to support the current momentum.
On the upside, Rs 64 looks like an imminent target while it has the potential to move further higher in the medium term.
Supreme Industries: Buy | LTP: Rs 2,263 | Stop-Loss: Rs 2,050 | Target: Rs 2,500 | Return: 10 percent
The counter has witnessed the breakout of a classical bullish Inverse Head and Shoulder formation, followed by a breakout of a downsloping channel formation. It created a bullish candlestick formation at the cluster of important moving averages.
Now, it is trading above its all important moving averages with a positive bias in momentum indicators. On the upside, Rs 2,350 is an immediate hurdle, then Rs 2,500 is the next target level. On the downside, the 20-DMA (days moving average) of Rs 2,050 will act as an immediate support level.
Unichem Laboratories: Buy | LTP: Rs 433 | Stop-Loss: Rs 400 | Target: Rs 500 | Return: 15 percent
The counter is in strong bullish momentum and it is resuming this momentum with breakout of a bullish Flag formation on the daily chart.
In a higher time frame, there is a breakout of the classical Cup and Handle formation. It has strong relative strength to the Nifty Pharma index.
On the downside, Rs 400 is an immediate support level, while it may head towards Rs 500 on the upside in the near term. The momentum indicator RSI (relative strength index) is heading above the 60 mark with a bullish formation. MACD (moving average convergence and divergence) is also witnessing positive crossover.
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