Weekly Tech Picks - Tata Steel Ltd, Dr. Reddy's Laboratories Ltd, Kajaria Ceramics Ltd, J.Kumar Infraprojects Ltd - Axis Securities
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Tata Steel Limited
* On the weekly chart, the stock has witnessed “Rounding Bottom” breakout around 1150 levels which signals resumption of the uptrend
* Rising volumes on the daily chart, signals increased participation near breakout zone
* The stock is strong uptrend as it is Tata Steel Limited Weekly Tech Picks 11 June, 2021 continue to form a series of higher Tops and higher Bottom formation across all the time frames
* This buying momentum was observed from 20-day SMA(1120) which reconfirm our bullish thesis
* The daily and weekly strength indicator RSI is placed above 50 mark which supports rising strength. The above analysis indicate an upside of 1230- 1255 levels.
* Holding period is 3 to 4 weeks
Buy Tata Steel Limited Buy Range: 1163-1141 CMP:1163 Upside: 7% -9% Stop loss: 1100
Dr. Reddy's Laboratories Limited
* On the daily chart, the stock has witnessed “Consolidation Range” (5400-5150) breakout indicating resumption of earlier up move
* On the weekly chart, the stock continue to trend higher forming a series of higher Tops and higher Bottoms formation 11 June, 2021 *Holding period is 3 to 4 weeks.
* Huge volumes spurt on breakout confirm increased participation on rally
* Stock is well placed above its 20, 50 and 100 Day SMA which supports bullish sentiments
* The daily and weekly strength indicator RSI is in bullish mode which supports rising strength as well as momentum.
* The above analysis indicate an upside of 5650-5780 levels
* Holding period is 3 to 4 weeks
Buy Dr. Reddy's Laboratories Limited Buying Range: 5430-5330 CMP: 5460 Upside: 5%-7% Stop loss: 5280
Kajaria Ceramics Limited
* With current close, the stock has decisively broken out its “Consolidation Range” (1010-860) on a closing basis along with rising volumes.
* On the daily chart, the stock has also formed higher Top and higher Bottom formation indicating shift of trend to the upward Kajaria Ceramics Limited Weekly Tech Picks 11 June, 2021
* The stock is placed above its 20, 50 day SMA and averages are also inching upward along with prices , which reconfirm s positive bias
* The daily and weekly strength indicator RSI is in bullish mode along with positive crossover which supports rising strength
* The above analysis indicate an upside of 1070-1100 levels
* Holding period is 3 to 4 weeks.
Buy Kajaria Ceramics Limited Buying Range: 1021-1000 CMP: 1021 Upside: 6% – 9% Stop loss: 980
J.Kumar Infraprojects Limited
* On the weekly chart, the stock has bounced back from its two years “Multiple Resistance” breakout zone of 171 levels on a closing basis which signals positive bias
* On the daily chart, strong breakout of “Down-Sloping Trend line” along with huge volumes signals increased participation 11 June, 2021
* This buying momentum was observed from its 20, 50 and 100-day SMA which supports bullish sentiments on medium term time frame
* The daily and weekly strength indicator RSI is quoting above 50 mark and in bullish mode which supports rising strength
* The above analysis indicate an upside of 213-225 levels
Buy J.Kumar Infraprojects Limited Buying Range: : 195-191 CMP: 197 Upside: 10% – 17% Stop loss: 180
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