NSE Scrip – UPL
View – Bullish
Last Close – Rs 598
On the weekly chart, the stock has confirmed a bullish reversal pattern known as the ‘Inverse Head and Shoulders’. On Friday, this pattern was validated with strong volumes and a bullish candle, marking a breakaway gap.
Additionally, the stock closed above the 89-week EMA, which had previously acted as a significant resistance but now suggests a shift in polarity.
The RSI on the weekly chart has also moved past the 60 mark, a level it has struggled to surpass for over 18 months, indicating a potential shift in momentum to the upside.
Hence, we recommend to BUY UPL around Rs 598 – Rs 595 | Stop Loss: Rs 571 | Target: Rs 650.
NSE Scrip – RADICO
View – Bullish
Last Close – Rs 1942
On Friday, there was a notable surge in buying, leading to a breakout from the recent congestion zone that had lasted for over seven months. This breakout suggests the potential for strong upward momentum in the near term. The move was supported by a significant bullish candle and increased volumes, reinforcing the buy signal. Additionally, prices are positioned above key moving averages, and oscillators are indicating positive momentum.
(Rajesh Bhosale is an equity technical analyst at Angel One Ltd. Views expressed are his own.)
First Published: Sep 02 2024 | 6:23 AM IST
