Here’s what Pravesh Gour, Senior Technical Analyst at Swastika Investmart, recommends investors should do with these stocks when the market resumes trading today.
Ujjivan SFB
The counter has experienced a notable breakout after consolidating for a prolonged period of two months, accompanied by robust trading volume, as observed on the weekly timeframe. The overall chart pattern presents an appealing opportunity, characterized by its consistent trading above key moving averages.
Furthermore, the technical indicators, such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), are in alignment with the current momentum of the stock, thereby providing additional confirmation of its strength.
Looking ahead, the resistance level at 65 appears to be a pivotal point to monitor. A breach above this level could set the stage for a near-term target of Rs. 70 or even higher. To manage risk effectively, consider implementing a stop-loss strategy at Rs. 52 to safeguard your investment.
Kalyan Jewellers
The counter has witnessed a breakout of a triangle pattern formation as well as a breakout of a bullish inverse head and shoulder pattern with huge volume on the daily chart. The overall structure of the counter is very lucrative, as it is trading above all its important moving averages.
On the upper side, Rs. 262 is an immediate resistance; above this, we can expect a big move till 280/300+ in the shorter time frame, while on the downside, Rs. 240 is the demand zone for any correction.The momentum indicator RSI (relative strength index) is also positively poised, whereas MACD (moving average convergence divergence) is supporting the current strength.
PB Fintech
On the longer timeframe, the counter is forming the right shoulder of an inverse head and shoulders formation, while on the shorter timeframe, it is forming a triangle pattern by creating higher highs and higher lows formation.
On the upper side, Rs. 820 is an immediate resistance; above this, we can expect a big move till 900+ in the shorter time frame, while on the downside, Rs. 720 is the demand zone for any correction.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)