Bull flag breakout
Gujarat Gas stock broke out of a resistance at ₹600 a fortnight ago. This break has confirmed a bull flag pattern on the weekly chart. Also, the stock has been making higher highs and higher lows. Therefore, the probability of a rally from the current level is high. As per the chart pattern, Gujarat Gas stock can appreciate to ₹780. But there is a barrier at ₹750, which it can touch over the medium term.
There is a chance for the price to moderate from here, possibly to ₹550, before the next upswing. So, one can initiate longs now at about ₹600 and buy more shares in case the price dips to ₹560. Place stop-loss at ₹490. Trail this to ₹650 when the stock hits ₹700. Liquidate the longs at ₹750.
Correction set to end
The stock of Ipca Laboratories has been depreciating over the past two weeks. It fell off the ₹1,360 barrier. But now it seems to be finding its feet on the ground. There is a trendline support and 100-day moving average around the current level of ₹1,130, below which is a support at ₹1,050. So, the uptrend is likely to resume anywhere within the ₹1,050-1,130 price band.
A potential rally from the current level can take the stock to ₹1,360. Participants can buy now at around ₹1,130 and buy more shares if the price dips to ₹1,080. Place stop-loss at ₹1,030. When the stock surpasses ₹1,215, revise the stop-loss upwards to ₹1,130. Raise the stop-loss further to ₹1,240 when the stock hits ₹1,300. Exit at ₹1,360.
Signs of bullish reversal
The stock of LTIMindtree has been on the rise since early May after it found support at ₹4,600. This upswing indicates that the scrip is turning the trend bullish after seeing a decline since the beginning of 2024. Substantiating this, the RSI and the MACD on the weekly chart are signalling positive signs. While there is a resistance at ₹5,250, we expect the stock to surpass this level.
Over the next few months, the price can go up to ₹6,300. Buy LTIMindtree stock now at ₹5,100 and accumulate if the price dips to ₹4,900. Place initial stop-loss at ₹4,480. When the stock goes above ₹5,600, raise the stop-loss to ₹5,300. Tighten the stop-loss further to ₹5,750 when the price touches ₹6,000. Book profits at ₹6,300.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.