Godrej Industries has formed long bullish candle on the daily charts with healthy volumes. The stock has seen a breakout of downward sloping resistance trend line adjoining December 9 and December 21, 2022. Also there was a decisive breakout of horizontal resistance trend line adjoining multiple touch points – October 12, October 19, 2022, January 2, and January 5, 2023.
Sunil Shankar Matkar
January 09, 2023 / 06:29 AM IST
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The market remained under pressure with the benchmark indices forming bearish candlestick pattern on the daily charts for third consecutive session, which resembles three black crows like pattern formation on January 6, generally indicating reversal of current uptrend.
The BSE Sensex plunged 453 points to 59,900, and the Nifty50 dropped 133 points to 17,860, while the broader markets also traded in line with benchmarks, falling 0.8 percent on weak breadth.
Every sector, barring FMCG, caught in bear trap with the banking and financial services, technology, metal, and pharma stocks falling the most.
Stocks that were in action included Ceat which climbed more than 4 percent to Rs 1,740.5 and formed bullish candle on the daily charts with strong volumes, with making higher high higher low for second consecutive session. The stock has seen a breakout of downward sloping resistance trend line adjoining December 15, 2022 and January 5, 2023, and also there was a decisive breakout of ‘mother candle’ formed on December 23, 2022.
Symphony shares gained 3 percent at Rs 967, the biggest closing level since June 3, 2022 and formed long bullish candle on the daily charts with robust volumes, with making higher high higher low formation for sixth consecutive session. The stock has seen a breakout of horizontal resistance trend line adjoining December 5, 2022 and January 5, 2023, indicating positive mood.
Godrej Industries was also in action, rising 5 percent to Rs 451.3 and formed long bullish candle on the daily charts with healthy volumes. The stock has seen a breakout of downward sloping resistance trend line adjoining December 9 and December 21, 2022. Also there was a decisive breakout of horizontal resistance trend line adjoining multiple touch points – October 12, October 19, 2022, January 2, and January 5, 2023.
Here’s what Rajesh Palviya of Axis Securities recommends investors should do with these stocks when the market resumes trading today:
Godrej Industries
The stock made a top at Rs 662 and witnessed a profit booking. It took support at 61.8 percent Fibonacci retracement of the rally from Rs 505-662 placed at Rs 397.
On a weekly chart, the stock broke above the downward sloping trendline with strong bullish candle indicating a positive momentum. The increased volume indicates participation at breakout.
The daily and weekly strength indicator RSI (relative strength index) is in bullish mode and weekly RSI crosses above the reference line which generated a buy signal.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 550-600, with downside support zone of Rs 400 level.
Symphony
The stock is consolidating in a descending triangle pattern. It formed a bottom around Rs 850 and formed an Inverted Head and Shoulder reversal pattern inside a descending triangle.
The stock has broken above a neckline placed at Rs 948. This breakout was accompanied with huge volumes indicating increased participation at breakout level.
The weekly strength indicator RSI is in positive terrain and sustaining above the reference line as well as the 50 mark indicating positive momentum.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 1,100-1,200 with downside support of Rs 850.
Ceat
On the weekly chart, the stock is in an uptrend and broke above medium term downward sloping trend. It made a top in Rs 1,981 and witnessed a profit booking. It took support at 38 percent Fibonacci retracement of rally from Rs 890-1,981 placed at Rs 1,556.
It is holding above key averages of 20, 50, 100 and 200 daily SMA (simple moving average) indicating positive trend on the stock. The stock is forming a higher high-low pattern on the weekly chart indicating positive trend.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 1,950-2,000 with downside support of Rs 1,600.
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.
