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The week ahead is expected to be volatile amid the contract expiry; hence, a pragmatic approach with exclusivity in stock selection is advocated.
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Experts are hopeful of further uptrend towards 22,700-22,800 in the coming sessions, with support at 22,300-22,200 levels, and the volatility index diving to November 2023 lows
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State Bank of India formed bullish candlestick pattern on the daily timeframe, though the volume was below average. The stock traded way above all key moving averages and maintained higher highs, higher lows formation since October 2023.
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We have seen breakout of consolidation range in Poly Medicure, which has formed long bullish candlestick pattern on the daily scale with above average volumes. The stock ended at fresh record closing high of Rs 1,222, rising 6.7 percent.
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Raymond was trading higher after Moneycontrol reported that Godrej Consumer Products is likely to announce the acquisition of its consumer care business
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Century Plyboards rose nearly 4 percent to Rs 484 and formed bullish candle on the daily timeframe with above average volumes. The stock has decisively broken its previous four-day consolidation.
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A falling wedge formation and an Inverse Head and Shoulder pattern have both broken out on DLF. We are able to clearly observe a Bullish Marubozu candlestick pattern on the weekly time period
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On June 2, Century Textiles is not only cleared the resistance of 200 days simple moving average (SMA), but successfully closed above the same. It also formed long bullish candle which supported further uptrend from the current levels.
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What a classic setup we are having in JK Lakshmi Cement, precise Bullish bat pattern on daily chart with Classic Hammer & Inverted Hammer near potential reversal zone of Rs 430-450.
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Trade Spotlight | Here's what Malay Thakkar of GEPL Capital, suggests investors possessing these stocks when the market resumes trading today.
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Karan Pai of GEPL Capital believes that for the coming session, the 20-week SMA (17,200) is going to act as a make-or-break level. If the prices breach the 17,200 mark, we might see the prices move lower towards the psychological level of the 17,000.
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Here's what Mazhar Mohammad of chartviewindia.in, recommends investors should do with these stocks when the market resumes trading today.
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The long-awaited package is expected to boost the textile sector as it will not only promote high-value MMF fabrics and garments, and encourage industry to add more capacities going ahead with focus on organised players, but also create huge employment in coming quarters.
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Generally, it is believed muhurat trading brings prosperity and wealth throughout the year. It takes place on the Laxmi Pujan day for an hour in the evening.
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Gaurav Garg of CapitalVia feels the LTC and reintroducing of Special Festival advance scheme for government employees are expected to boost the consumer demand by additional Rs 36,000 crore.
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Even management commentary gave the market a confident outlook to withstand businesses against the COVID spread and its impact.
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Ashwani Gujral of ashwanigujral.com suggests buying Sun Pharma with a stop loss of Rs 388, target of Rs 404 and Cipla with a stop loss of Rs 420, target of Rs 435.
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Mitesh Thakkar of miteshthakkar.com recommends buying Titan Company with a stop loss of Rs 1280 for target of Rs 1340 and Infosys with a stop loss of Rs 784 for target of Rs 820.
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Prakash Gaba of prakashgaba.com recommends buying Federal Bank with target at Rs 90 and stop loss at Rs 85 and REC with target at Rs 148 and stop loss at Rs 138.
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Mitesh Thakkar of Miteshthakkar.com is of the view that one may buy DLF with stop loss at Rs 185.5 and target of Rs 200.
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Ashwani Gujral of ashwanigujral.com recommends selling Jindal Steel & Power with a stop loss of Rs 134, target of Rs 126, Raymond with a stop loss of Rs 710, target of Rs 685 and Hero MotoCorp with a stop loss of Rs 2430, target of Rs 2350.
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As far as levels are concerned, 11,600-11,500 has become a near-term base. For the forthcoming week, 11,840 can be seen as a sacrosanct level.
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DHFL | Tube Investments | ICICI Bank | Mercator | Mphasis and Ambuja Cement are stocks, which are in the news today.
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Prakash Gaba of prakashgaba.com recommends buying JSW Steel with target at Rs 298 and stop loss at Rs 289, Raymond with target at Rs 820 and stop loss at Rs 787 and L&T Finance Holdings with target at Rs 155 and stop loss at Rs 148.
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Mitessh Thakkar of mitesshthakkar.com recommends buying Interglobe Aviation with a stop loss of Rs 1204 and target of Rs 1270, Jubilat Foodworks around Rs 1320 with stop loss of Rs 1299 and target of Rs 1365 and Reliance Industries with a stop loss of Rs 1246 and target of Rs 1300.
