The breakout from this pattern materialized in July 2023.Ĭurrently, the stock is in a consolidation phase within a narrow range, with support holding at Rs 2,400-2,410 levels. However, there is a recent development worth noting as the stock formed a Double Bottom pattern, as illustrated in the chart. The stock has experienced a prolonged period of underperformance and has been entrenched in a steady downtrend since 2020. This implies that the momentum is likely to persist, and the stock is expected to advance further towards Rs 570-590 range in the coming weeks. Recently, the stock experienced a robust upward move from the lows observed in May 2023, suggesting the possibility of entering a phase of trend acceleration.ĭuring the last week, the stock found support at a significant polarity point and formed a strong bullish candlestick pattern. The stock has maintained a consistent uptrend since April 2020, as clearly depicted in the weekly chart. Place a stop-loss of Rs 158.Įxpert: Viraj Vyas, CMT - Technical & Derivatives Analyst | Institutional Equity at Ashika Stock Brokingģ60 ONE WAM: Buy | LTP: Rs 520.35 | Stop-Loss: Rs 495 | Target: Rs 585 | Return: 12 percent One may look to buy Sterlite at CMP (Rs 171.30), add more on dips down to Rs 164 and wait for the upside targets of Rs 188 and Rs 210 in the next 3-5 weeks. The present weekly chart pattern indicates a crucial bottom formation. The volume has expanded during upside breakout in the stock price and weekly 14-period RSI has just moved above 60 levels. The overall chart pattern indicates a decisive upside breakout of the crucial overhead resistance like down sloping trend line at Rs 162 levels and the stock price closed higher. Sterlite Technologies: Buy | LTP: Rs 171.30 | Stop-Loss: Rs 158 | Targets: Rs 188-210 | Return: 22 percentĪfter showing a narrow-range movement over the last three months, the stock price has seen decisive upside breakout in the previous week and displayed consolidation last week. This could reflect further strengthening of upside momentum in the stock price ahead.īuying can be initiated in RVNL at the CMP of Rs 162.85, add more on dips down to Rs 156, wait for the upside targets of Rs 178 and Rs 200 in the next 3-5 weeks.
The volume has expanded during upside breakout and weekly 14-period RSI (relative strength index) has sustained above the crucial upper 60 levels. After trading in a narrow range for ffour weeks, the stock price has seen a sharp upside in the last two weeks and sharply broken above the hurdle of Rs 147 levels. The weekly timeframe chart of Rail Vikas Nigam indicates a sharp upside breakout in the last week. Rail Vikas Nigam: Buy | LTP: Rs 162.85 | Stop-Loss: Rs 151 | Targets: Rs 178-200 | Return: 23 percent Returns are based on the September 8 closing prices.Įxpert: Nagaraj Shetti, technical research analyst at HDFC Securities Let's take a look at the top 10 trading ideas from experts for the next three-four weeks. The potential upside target of larger triangle upside breakout comes around the 20,100-20,200 levels for the near term, he said, keeping the immediate support at the 19,650 levels. Nagaraj Shetti, technical research analyst at HDFC Securities, also expects the Nifty to hit fresh all-time highs beyond the 20,000 mark this week.
The undertone seems upbeat in the market with ‘buy on dips’ being the most suitable approach, he advised investors. "Technically, the Nifty aims for the 20,000-point milestone now and, with the ongoing momentum, it would be barely a task for the bulls to pull it off," Osho Krishan, senior analyst for technical and derivative research at Angel One, said.Īs far as levels are concerned, he feels 19,700 should now act as an immediate support, followed by the sacrosanct support of 19,600-19,500 in the comparable period. Also, there was a higher-high-higher-low formation, while the index took a great support at the 19,450-19,500 zone through the last week. The Nifty50 jumped 2 percent, the highest weekly rally since June, to 19,820 points and formed a strong bullish candlestick pattern, with healthy volumes for the second straight week. The index is likely to march towards the 20,000 milestone in the coming days, provided its holds in the 19,700-19,800 area, while crucial support at 19,600-19,500, experts said. On September 8, the market ended yet another great week in terms of trading with the Nifty50 scaling a seven-week high beyond 19,800 points, as most sectors, barring metals, participated in the rally.
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