Weekly Tech Picks - Godrej Consumer Product Ltd, Century Textiles & Industries Ltd, Gati Ltd, Tata Consultancy Services Ltd By Axis Securities
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Godrej Consumer Product Ltd
* On the daily chart, the stock has observed trend reversal as it has broken out its five months “downsloping trend line” on a closing basis
* This breakout is accompanied with huge volumes indicating increased participation on rally
* The stock has strongly rebounded from its 200-day SMA (900) which supports bullish sentiments
* The daily and weekly strength indicator RSI and the momentum indicator Stochastic both are in bullish mode which supports rising strength as well as momentum.
* The above analysis indicate an upside of 1000-1025 levels
* Holding period is 3 to 4 weeks.
Buy Godrej Consumer Product Limited Buy Range: : 955-937 CMP 963 Upside: 6%-8% Stop loss: 919
Century Textiles & Industries Ltd
* On the daily chart, the stock has decisively broken out its three months “Consolidation Range” (890-760) on a closing basis
* This breakout is accompanied with huge volumes indicating increased participation
* On the weekly chart, the stock has confirmed higher tops and higher bottoms formation indicating strong up trend
* The daily and weekly strength indicator RSI is in bullish mode along with positive crossover which supports rising strength in near term
* The above analysis indicate an upside of 960-985 levels
* Holding period is 3 to 4 weeks.
Buy Century Textiles & Industries Limited Buy Range: 900-882 CMP 912 Upside: 8% – 11% Stop loss: 850
GATI Limited
* On the weekly chart, the stock has witnessed “rounding bottom” formation at 180 levels
* Rising volumes at breakout zone implies increased participation at breakout zone
* On the weekly chart, the stock is in up trend forming a series of higher tops and bottoms
* The stock is sustaining above its 20, 50 and 100 as well 200 Day SMA which reconfirms bullish sentiments ahead.
* The daily and weekly strength indicator RSI is in bullish mode along with positive crossover which supports rising strength.
* The above analysis indicate a downside of 205-213 levels.
Buy Gati Limited Buy Range: 185-181 CMP 189 Upside: 12% –16% Stop loss: 170
Tata Consultancy Services Limited
* With current close the stock has confirmed the “consolidation range” breakout on a closing basis
* On the weekly chart, the stock is trending higher forming a series of higher tops and bottoms
* Rising volumes at breakdown zone implies increased participation
* The stock is sustaining above its 20, 50 and 100 as well 200 Day SMA which reconfirms bullish sentiments ahead.
* The daily and weekly strength indicator RSI is in bullish mode along with positive crossover which supports rising strength.
* The above analysis indicate downside of 3780-3885 levels.
Buy Tata Consultancy Services Ltd Buy Range: 3650-3580 CMP 3671 Upside: 5% – 7% Stop loss: 3585
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