On the weekly chart, prices are roaming near important resistance of the downward slopping trend line since last few weeks and is maintaining Lower High, Lower Low formation.
Prices on daily time frame have sustained below 20-days SMA (simple moving average), which was acting as a variable support to the prices.
RSI (relative strength index) on the daily timeframe have formed Lower Low, Lower High which reflect the lack of momentum for shorter to medium term.
Looking at the overall chart pattern, we feel that the Nifty will be in a range of 17,380 (Gap support) and 18,115 (swing high) for the short to medium term.
Here are three buy calls for next 2-3 weeks:
Borosil: Buy | LTP: Rs 415 | Stop-Loss: Rs 356 | Target: Rs 500 | Return: 20 percent
Borosil is currently trading near its all-time high level, which tells that the stock is in a strong momentum already.
In the latest week, the stock has given a breakout from the Inverse Head and shoulder pattern, indicating continuation of prior uptrend.
The breakout is confirmed by high volumes.
Bollinger band plotted on the daily timeframe have started to expand which points towards the rising volatility of the prices for an up move.
RSI on the weekly time frame has given a breakout as well which reflect the rising momentum in the prices.
Going ahead we expect the prices to go higher till the level of Rs 500 where the stop-loss must be Rs 356 on the closing basis.
CG Power and Industrial Solutions: Buy | LTP: Rs 255 | Stop-Loss: Rs 235 | Target: Rs 315 | Return: 23 percent
CG Power Industrial Solutions after an uptrend till January 2022 corrected without getting into lower low, lower high formation.
Prices after a breakout from double bottom pattern on July 2022 retested the neckline of the pattern and have shown a bounce on the upside, indicating continuation of prior uptrend.
Prices have sustained above upper Bollinger band which shows that the volatility of the stock is rising for up move.
RSI plotted on daily as well as on weekly timeframe is above 60 mark indicating rising momentum in the prices.
Going ahead we expect the prices to go higher till the level of Rs 315 where the stop-loss must be Rs 235 on the closing basis.
KPIT Technologies: Buy | LTP: Rs 665 | Stop-Loss: Rs 577 | Target: Rs 800 | Return: 20 percent
KPIT Technologies is currently trading near its 52-week high level, which tells that the stock is in a strong momentum already.
In the latest trading week, prices have given a breakout from the rounding bottom pattern indicating beginning of the trend on the upside.
Prices have sustained above upper Bollinger band which shows that the volatility of the stock is rising for up move.
RSI on the weekly timeframe is rising and have sustained above 50 mark which shows the rising momentum in the prices.
Going ahead we expect the prices to go higher till the level of Rs 800 where the stop-loss must be Rs 577 on the closing basis.
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