NSE Scrip – PATANJALI
View – Bullish
Last Close – Rs 1,800
On the weekly chart, this stock has previously faced notable resistance near the Rs 1,700 level. However, despite challenging market conditions this week, the stock has experienced a significant breakout and confirmed a bullish Saucer formation. This breakout has pushed the prices into new territory, reflecting inherent strength.
Throughout the week, the stock showed a bullish gap and strong positive candles, reinforcing the breakout validity.
Hence, we recommend to BUY PATANJALI around Rs 1,800 – 1790 | SL: Rs 1,711 | TGT: Rs 1,956
NSE Scrip – MCX
View – Bullish
Last Close – Rs 4,377
This stock has consistently outperformed, maintaining a Higher Top Higher Bottom price pattern. It shows minimal reaction during broader market corrections but outperforms when the market trends upward.
This week, after an initial period of consolidation, the stock experienced strong momentum on Friday, confirming a continuation Flag breakout.
On a higher time frame, prices have already exceeded the key resistance level of the previous swing high of Rs 4,270 set in April 2024, indicating an overall bullish trend. Additionally, recent surges in volume during upward moves have supported the breakout.
(Rajesh Bhosale is an equity technical analyst at Angel One Ltd. Views expressed are his own.)
First Published: Aug 12 2024 | 6:34 AM IST
