NSE Scrip – BSE
View – Bullish
Last Close – Rs 2,645
Last week, stocks related to trading platforms and exchanges were in the spotlight, and this particular stock also demonstrated technical signs of emerging from its recent period of inactivity, with potential to outperform in the near term.
On the daily chart, the stock has confirmed a bullish ‘Inverse Head and Shoulders’ breakout, supported by a significant increase in volume and favorable indicator placement.
Additionally, the stock experienced a bullish gap, and any dips toward this level are being bought up, aligning with key moving averages.
Hence, we recommend to BUY BSE around Rs 2,645 – Rs 2,640 | Stop Loss: Rs 2,540 | Target: 2,850
NSE Scrip – COROMANDEL
View – Bullish
Last Close – Rs 1,760
During the recent market weakness, this stock remained resilient and continued to outperform. On the daily chart, prices are now trading in new territory after breaking out of the recent congestion zone.
It has been observed that prices have risen more significantly during uptrends compared to the volume during downtrends, indicating strong interest from committed investors. The oscillators are positively aligned, further supporting the buy signal.
Hence, we recommend to BUY COROMANDEL around Rs 1760 – Rs 1755 | Stop Loss: Rs 1,690 | Target: Rs 1,870
(Rajesh Bhosale is an equity technical analyst at Angel One Ltd. Views expressed are his own.)
First Published: Aug 19 2024 | 6:37 AM IST
