Stop Loss: Rs 1760
PVR recently found support around the Rs 1,630 levels in September 2022, which also roughly coincides with previous intermediate lows of the stock. The stock has subsequently risen and made higher bottoms in the last few weeks. In the process, the stock has broken out of a tight range. Momentum readings like the 14-day RSI, too, are in rising mode and not overbought, which is encouraging.
(Subash Gangadharan, Senior Technical & Derivative Analyst, HDFC Securities)
Agencies
Stop Loss: Rs 1509
Ceat has corrected from a high of Rs 1,785 touched in September 2022. The stock recently found support at the 1472 level, which also roughly coincides with the 50-day SMA. The stock has since then bounced back and broken out of the previous swing highs of Rs 1,573, indicating the stock is set to continue its short-term uptrend. Daily momentum readings like the 14-day RSI are in rising mode after recently moving above its 9-day EMA.
(Subash Gangadharan, Senior Technical & Derivative Analyst, HDFC Securities)
Agencies
Stop Loss: Rs 830
The stock corrected around 50% from the peak of Rs 1,651 (adjusted price). At this juncture, it is hovering at the 61.8% retracement of the previous rally and also we are witnessing a hammer formation on the monthly chart.
(Mehul Kothari – AVP – Technical Research, Anand Rathi)
ET Bureau & Agencies
Stop Loss: 70.5
In Friday’s session, most of the metal stocks underwent strong upside momentum. Meanwhile, the stock confirmed a small range breakout above 72.5. Price action also has a positive placement of momentum oscillators.
(Mehul Kothari – AVP – Technical Research, Anand Rathi)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Agencies
