Hindalco Industries has given a breakout of Ascending Triangle pattern on the weekly time frame. The RSI plotted on the weekly and the daily time frame can be seen placed above the 55 mark, indicating expanding bullish momentum in the prices.
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Vidnyan Sawant, AVP – Technical Research at GEPL Capital
On the weekly timeframe, we can spot that the prices are trading within prior two-week range which forms a consolidation pattern. However, current week candle is a Shooting Star candle pattern indicating profit booking has happened at higher levels.
Nifty on daily charts has corrected form the record high level while forming lower low, lower high formation, however it is sustaining above its 3-week’s low that is 18365 levels.
On the indicator front, the RSI (relative strength index) plotted on the daily timeframe is moving downward and sustaining below 50 levels which tells that the Index is losing positive momentum.
The Nifty has immediate resistance placed at 18,670 (multiple touch points) followed by 18,887 (life-time high) levels. The downside support for the index is placed at 18,365 (3 weekly low) followed by 18,000 levels.
By looking at overall trend and evidence supported by indicator, we feel that if the Nifty breaches 18,365 levels then it will move down towards 18,000 levels in the coming future.
Here are three buy calls for next 2-3 weeks:
Apollo Tyres: Buy | LTP: Rs 322.60 | Stop-Loss: Rs 290 | Target: Rs 380 | Return: 18 percent
Apollo Tyres has given a Cup & Handle pattern breakout on the daily charts with volume confirmation and moved up indicating strong positive undertone of the stock.
On the weekly charts, the stock has formed CIP (change in polarity) formation at Rs 260 levels indicating positive undertone of the stock.
The stock has been sustaining above all its important moving average of 20-day, 50-day & 100-day SMA (simple moving average).
The RSI plotted on the weekly and the daily time frame can be seen placed above the 65 mark and moving higher, indicating expanding bullish momentum in the prices.
Going ahead we can expect the prices to move higher towards Rs 355 followed by Rs 380. The stop-loss for the setup would be Rs 290.
Hindalco Industries: Buy | LTP: Rs 461 | Stop-Loss: Rs 425 | Target: Rs 551 | Return: 19 percent
Hindalco Industries has been making higher high higher low formation on swing basis on the weekly charts. On the daily charts, the stock is forming CIP (Change in Polarity) formation at Rs 454 levels.
The stock has given a breakout of Ascending Triangle pattern on the weekly time frame.
The RSI plotted on the weekly and the daily time frame can be seen placed above the 55 mark, indicating expanding bullish momentum in the prices.
Going ahead we can expect the prices to move higher towards Rs 513 followed by Rs 551. The stop-loss for the setup would be Rs 425.
UltraTech Cement: Buy | LTP: Rs 7,114 | Stop-Loss: Rs 6,740 | Target: Rs 7,950 | Return: 12 percent
UltraTech Cement has given a breakout of an Inverted Head & Shoulder pattern couple of weeks back on the weekly charts.
The stock has been forming a higher high higher low pattern and sustaining above 20-day SMA since October 2022.
On the daily chart, the stock has formed CIP (Change in Polarity) formation at Rs 6,950 levels and bounce back indicating positive strength of the stock.
The RSI plotted on the weekly and the daily time frame can be seen placed above the 60 mark and moving higher, indicating expanding bullish momentum in the prices.
Going ahead we can expect the prices to move higher towards Rs 7,575 followed by Rs 7,950 levels. The stop-loss for the setup would be Rs 6,930.
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