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Samvat 2079 Technical Ideas

IDFC LTD (CMP 78.5) : BUY

Buying Range: 78.5-76.5 Stop Loss: 70 Target: 100 (27%)

• The stock is giving a breakout of the falling trend line on the monthly scale

• It is forming a bullish candle on the monthly scale which indicates strong buying interest in the counter

• Momentum indicators on the monthly chart is placed in the positive territory which indicates uptrend to continue

• Considering the current chart structure, we expect the stock to inch higher towards 100 levels

• Hence we advise to buy the stock in the range of 78.50-76.50 with a stop loss of 70

Axis Bank (CMP 818) : BUY

Buying Range: 818-800 Stop Loss: 750 Target: 1000 (22%)

• Axis Bank is giving a breakout of the falling channel on the weekly scale

• It is forming higher high since the last 2 weeks which indicates that the trend is positive

• RSI oscillator is placed in the bullish zone which will support the up move

• Considering the current chart structure, we expect the stock to inch higher towards 1000 levels

• Hence we advise to buy the stock in the range of 818-800 with a stop loss of 750

ABFRL ( CMP 333) : BUY

Buying Range: 333-322 Stop Loss: 300 Target: 390 (17%)

• ABFRL has given a strong breakout of the resistance zone on the monthly scale and inching higher

• It has retested the breakout and started the fresh rally for higher zones

• Momentum indicators on the monthly chart is placed in the positive territory which indicates strong uptrend to continue

• Considering the current chart structure, we expect the stock to inch higher towards 390 levels

• Hence we advise to buy the stock in the range of 333-322 with a stop loss of 300

Siemens (CMP 2823) : BUY

Buying Range: 2820-2780 Stop Loss: 2640 Target: 3500 (24%)

• Siemens is consistently inching higher after a strong breakout on the monthly scale.

• On the weekly scale it is holding above the key averages which indicates that the trend is positive

• RSI oscillator is placed in the bullish zone which will support the up move

• Considering the current chart structure, we expect the stock to inch higher towards 3500 levels

• Hence we advise to buy the stock in the range of 2820-2780 with a stop loss of 2640

Bharti Airtel ( CMP 782) : BUY

Buying Range: 780-760 Stop Loss: 700 Target: 900 (15%)

• Bharti Airtel has given a consolidation breakout on the monthly scale

• It is forming higher highs since the previous 3 months which indicates uptrend

• Momentum indicators on the monthly chart is placed in the positive territory which indicates uptrend to continue

• Considering the current chart structure, we expect the stock to inch higher towards 900 levels

• Hence we advise to buy the stock in the range of 780-760 with a stop loss of 700

Cochin Shipyard (CMP 515) : BUY

Buying Range: 515-490 Stop Loss: 475 Target: 600 (15%)

• The stock has surpassed the falling trend line on the monthly scale and trading higher

• It is forming higher highs and higher lows on the monthly scale which indicates uptrend in the counter

• It has strong momentum on the weekly and monthly scale which will take the prices to higher levels

• Considering the current chart structure, we expect the stock to inch higher towards 600 levels

• Hence we advise to buy the stock in the range of 515-490 with a stop loss of 475

Deepak Nitrate (CMP 2265) : BUY

Buying Range: 2265-2230 Stop Loss: 2050 Target: 2700 (15%)

• Deepak Nitrate has given a breakout of the falling channel on the monthly scale

• It is holding well above the averages on the monthly chart and moving higher

• Looking at the overall chart structure, the stock is expected to move towards 2700

• Hence we advise to buy the stock in the range of 2265-2230 with a stop loss of 2050

Tata Chemicals ( CMP 1178) : BUY

Buying Range: 1178-1150 Stop Loss: 1080 Target: 1400 (19%)

• It has given a fresh breakout on the monthly chart with strong setup for up move

• The stock is forming higher highs since previous 3 months which indicates uptrend to continue

• RSI oscillator is placed in the bullish zone which will support the up move

• Considering the current chart structure, we expect the stock to inch higher towards 1400 levels

• Hence we advise to buy the stock in the range of 1178-1150 with a stop loss of 1080

HAL (CMP 2465) : BUY

Buying Range: 2465-2420 Stop Loss: 2270 Target: 2800 (14%)

• HAL is in strong uptrend with positive momentum

• The stock is respecting the 20 week average since January 2022 and consistently inching higher

• Momentum indicators on the monthly chart is placed in the positive territory which indicates uptrend to continue

• Considering the current chart structure, we expect the stock to inch higher towards 2800 levels

• Hence we advise to buy the stock in the range of 2465-2420 with a stop loss of 2270

Trent (CMP 1414) : BUY

Buying Range: 1414-1385 Stop Loss: 1300 Target: 1650 (17%)

• Trent has retested the previous resistance zone and taken support near the same at 1350 zone

• It is trading above the key averages on the weekly scale with accumulation at support zone

• RSI oscillator is placed in the bullish zone which will support the up move

• Considering the current chart structure, we expect the stock to inch higher towards 1650 levels

• Hence we advise to buy the stock in the range of 1414-1385 with a stop loss of 1300

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