Crest Ventures (₹545.7)
Set to resume the rally
The stock of Crest Ventures broke out of a barrier at ₹500 a couple of weeks ago. However, after hitting a record high of ₹621.2 last week, it witnessed a quick fall in price. Nevertheless, the overall trend is bullish, and the price decline last week is more of a corrective fall. This is a good buying opportunity.
The stock will lose the upward bias only if the price declines below ₹420. So, participants can go long now at ₹545 and buy more shares if the price dips to ₹500. Keep stop-loss at ₹400. When the price rises to ₹650, alter the stop-loss to ₹580. Move the stop-loss further up to ₹650 when the stock touches ₹700. Exit at ₹730.
Exide Industries (₹497.5)
Bounces off a support
The stock of Exide Industries, after recording a life-time high of ₹620 in June, turned bearish and depreciated. But over the past couple of weeks, it has been hovering above the demand zone of ₹440-465. So long as these levels hold true, the broader trend will be bullish. Last week’s rally has given good strength to the bulls. We anticipate the stock to retest ₹620 in the near term.
Hence, traders can buy Exide Industries’ stock at ₹495 and accumulate if the price drops to ₹450. Place stop-loss at ₹420. When the scrip breaks out of ₹530, revise the stop-loss to ₹480. Raise the stop-loss further up to ₹530 when the stock rallies to ₹580. Book profits at ₹620.
NMDC (₹235.1)
Signs of bullish reversal
NMDC’s stock has been in a downtrend since May. It fell off the resistance at ₹285. But last week, it saw a significant rally, indicating that the trend is turning bullish. The scrip made a higher high on the daily chart and has moved above the 200-day moving average. The chart hints further rally ahead. We expect NMDC’s share price to touch ₹285 over the next few months.
Therefore, traders can buy at the current level of ₹235 and accumulate if the price dips to ₹220. Place initial stop-loss at ₹200. When the price touches ₹255, alter the stop-loss to ₹230. Tighten the stop-loss further to ₹255 when the stock hits ₹270. Liquidate the longs at ₹285.