Some stocks have seen a significant breakout from the consolidation range or at the support level. In these, there is an estimate of a good rise or fall in 3 to 4 weeks.
Short Term Stock Tips: There is heavy selling pressure in the stock market. In the month of June alone, the Sensex has fallen by more than 2900 points. Investors’ money is sinking in the market day by day. Even if there is a boom in the market, then it is not able to survive. Inflation, rate hike cycle, geopolitical tensions and selling by foreign investors are factors increasing the pressure on the market. In such a situation, experts are advising investors on a stock specific approach by being cautious. However, in the meantime, a good breakout has been seen in some stocks. These are expected to rise or fall in 3 to 4 weeks. Axis Securities has listed some such stocks. These include Elecon Engineering, Indus Towers. Whereas ACC Limited, Pidilite Industries have a sell advice.
Elecon Engineering Company
CMP: Rs 258
Buy Range: Rs
Stop loss: Rs 233
Upside: 12%-18%
On the weekly chart, the stock has made a rounding bottom breakout near the 220 level and remains above it. This breakout has happened with significant volume which is an indication of increasing participation. The stock is trading above its 20, 50, 100 and 200 SMA which shows bullish sentiment. Daily and weekly strength indicators RSI is in bullish mode. The stock may show a price of 280-295 soon.
Stock in News: These stocks including Engineers India, Cipla, Nazara, ICICI Bank will show action, keep an eye on intraday
Indus Towers
CMP: Rs 211
Buy Range: Rs
Stop loss: Rs 195
Upside: 8%–13%
On the daily chart, the stock has broken out of the 2-month consolidation range (208-195) near the level of 208. This breakout has happened with significant volume which is an indication of increasing participation. The stock is trading above its 20 and 50 SMA which is supporting the upside momentum. Daily and weekly strength indicators RSI is in bullish mode. The stock may show a price of 225-235 soon.
ACC Limited
CMP: Rs 2066
Sell Range: Rs 2070-2110
Stop loss: Rs 2160
Downside: 5%–8%
On the Daily Chart, the stock has broken out of multiple support levels at 2100 levels on closing basis. There was supply pressure in the stock for the last few days. This breakout coincided with increased volume which is an indication of increasing selling pressure. The stock is trading below its 20, 50, 100 and 200 Day SMA which shows bearish sentiment. The stock may further weaken till the level of 1980-1930.
Pidilite Industries
CMP: Rs.2003
Sell Range: Rs 2030-2070
Stop loss: Rs 2145
Downside: 6%–10%
The stock has confirmed lower tops and bottom formation on the weekly chart. On the other hand, the stock has come down from its 1-year multiple support level of 2100-2080. The stock is trading below its 20, 50, 100 and 200 Day SMA which shows bearish sentiment. The stock may further weaken till the level of 1930-1850.
(Disclaimer: Stock investment advice is given by the brokerage house. These are not the personal views of The Financial Express. Markets are risky, so take expert opinion before investing.)
