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Published on 18/10/2022 11:35:39 AM | Source: PR Agency

Samvat 2079 Diwali Picks 2022 : Technical Picks By Asit C Mehta Investment

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AMBIKA COTTON MILLS LIMITED

CMP: 1573 Target: 2300 Stop Loss: 1200

• The stock on a monthly scale, has witnessed the breakout of a rounding bottom pattern in July 2021. Post breakout, the stock has witnessed a strong move and registered a high of 2830. However, the stock is retraced back towards the previous breakout point and formed a good base near demand zone, as shown in the above chart.

• On a weekly scale, the stock is placed close to 100-week simple moving average (100WSMA), which is acting as strong support for the stock. Moreover, the stock has formed a hammer candle near 100 WSMA, suggesting strength.

• On a monthly scale, the RSI is placed above the center point and holding trend line support, indicating strength.

• Based on the above technical set up, we recommend accumulating AMBIKCO in the range of 1620-1420 with a stop loss of 1220 on a closing basis for the target of 2000-2300 for the medium term.

AMBIKCO -MONTHLY CHART

 

 

HDFCBANK LIMITED

CMP: 1410 Add On Dips: 1350 Target: 1800 Stop Loss: 1240

• In November 2020, the stock broke out of a rounding bottom pattern on a monthly basis. The stock experienced a robust surge after the breakout and registered a high of 1725. As can be seen in the accompanying chart, the stock has retraced back towards the prior breakout point and developed multiple hammer candles near demand zone, as shown in the above chart.

• The 50-month simple moving average is placed close to 1280 and the low of hammer candle is placed close to 1271 and is trading above. Thus, 1270-1280 would act as a strong support zone for the stock.

• RSI on a monthly scale is placed above the center point, indicating strength.

• Based on the above technical set up, we recommend accumulating HDFCBANK in the range of 1350-1450 with a stop loss of 1240 on a closing basis for the target of 1700-1800 for the medium term.

HDFCBANK -MONTHLY CHART

 

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