Tech Stars : IRCTC Limited And JSW Energy Limited - Religare Broking Ltd
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Indian Railway Catering and Tourism Corporation Limited (IRCTC)
BUY IRCTC Ltd CMP 715; Range* 712-717; SL 682; Target 790
TECHNICAL RATIONALE – IRCTC had registered a breakout from the trend reversal pattern in Aug, 2023, after spending nearly a year in corrective phase. It inched marginally higher post that move but failed to cross the hurdle of the previous swing high around 765 levels and witnessed a dip again. It has formed a fresh pivot while holding firmly above the support zone of 20 EMA on the weekly chart and looks set for an up move now. We thus suggest initiating fresh longs in the mentioned range.
JSW Energy Limited (JSWENERGY)
BUY JSW Energy Limited CMP 402; Range* 400-403; SL 378; Target 445
TECHNICAL RATIONALE – JSWENERGY witnessed a fresh breakout from multi month consolidation range with strong volumes. It has formed a strong base around the support zone of the neckline of its previous consolidation range. And has formed a fresh buying pivot holding above its 20 WEMA suggests price to resume its prior uptrend We suggest initiating fresh longs in the mentioned range.
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