Tata Power, Elgi Equipments among 8 stocks set to rally in near term

The stock has seen consolidation within a broad range in the last few months and prices have given a breakout from a falling trendline resistance in Tuesday’s session. The volumes on breakout are higher as compared to its daily average which is a positive sign. The RSI oscillator has given a positive crossover on the daily as well as the weekly charts and is thus indicating a positive momentum. Hence, traders can look to buy the stock in the range of Rs 228-226 for potential targets of around Rs 234 and Rs 238. The stop loss for long positions should be placed below Rs 222.

Analyst: Ruchit Jain, Lead Research, 5paisa.com

After an up move from Rs 400 to Rs 540, prices have traded within a narrow range which seemed to be a time-wise correction. The prices have given a breakout from the consolidation phase which hints at a resumption of the uptrend. The RSI oscillator has also given a positive crossover indicating a positive momentum. Thus, traders can look to trade with a positive bias and buy the stock in the range of Rs 515-510 for potential near-term targets of Rs 545 and 558. The stop loss for long positions should be placed below Rs 485.

Ruchit Jain, Lead Research, 5paisa.com

Bharat Gears shows a pattern of higher highs and higher lows on the weekly time frame. Price has seen a corrective decline from the high of Rs 171 in Sept 2022 and currently trades at Rs 142. The price is now at the previous resistance zone of Rs 125-130. Prior resistance is not acting as a support. The decline from Rs 171 to date is in the form of a downsloping wedge and the price has declined on diminishing volumes. The corrective decline in price is now completed. Buy for a rally to Rs 170 and above that to Rs 190. Stop below Rs 120.

Analyst: Manish Shah, Independent Trading Coach

ITD cementation is in strong momentum on the weekly time frame. The directional movement index shows a strong trend in the weekly time frame. On the daily time frame, the price breaks out of a bullish ascending triangle pattern which is a trend continuation pattern. As the price has broken out of a pattern, we can see a continuation of the uptrend. Cement stocks are In an uptrend. Buy for a rally to Rs 160 and above that to Rs 175. Keep a stop below 125.

Analyst: Manish Shah, Independent Trading Coach

Hindalco Industries has given a breakout from the Ascending Triangle Formation. The RSI indicator has also breached its resistance of 50. The metal sector has also given a breakout from the Flag & Pole formation which provides further confirmation. The stock price has breached its immediate resistance of 50WMA. One can add the stock on decline up to Rs 441.

Analyst: Progressive Shares

ESAB India has given a breakout from the Symmetrical Triangle Formation. A reading of 30 in ADX indicates the presence of a strong uptrend. The RSI oscillator has given a trendline breakout way back. Price activity was confirmed with a surge in the Volume. One can add the stock on decline up to Rs 3,900.

Analyst: Progressive Shares

Radico Khaitan has given a breakout from the Flag and Pole Formation. RSI indicator has given a trendline breakout. Positive crossover has been witnessed in the ADX and MACD. The rise in the volume confirms price activity. One can add the stock on decline up to Rs 1,100.

Analyst: Progressive Shares

The weekly timeframe chart of this real estate stock indicates a sharp upside bounce in the last two weeks. The stock price has witnessed a decisive upside breakout of significant resistance of the downsloping multi-month trend line around Rs 108-109 levels and is currently trading higher. Weekly RSI is placed at the edge of moving above crucial upper 60 levels and the volume has started to expand during an upside breakout in the stock price. The overall chart pattern of the stocks indicates long trading opportunities. One may look to create a positional buy as per the levels mentioned above. One may look to buy the stock, add more on dips down to Rs 110 and wait for the upside targets of Rs 125 and Rs 133 in the next 3-5 weeks. Place a stop loss of Rs 107.

Analyst: Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After shifting into a range-bound action in the last 4-5 weeks, the stock price has witnessed a sustainable upside bounce this week so far. The swing low of last week at Rs 467 could now be considered as a new higher bottom of the sequence. The stock price is currently moving up from near the support of weekly 10-period EMA around Rs 485 levels. Weekly 14-period RSI shows positive indication. Buying can be initiated in the stock, add more on dips down to Rs 500, wait for the upside targets of Rs 565 and Rs 590 in the next 3-5 weeks. Place a stop loss of Rs 485.

Analyst: Nagaraj Shetti, Technical Research Analyst, HDFC Securities

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)