India Cements, if the stock has decisively broken above the “Cup and Handle” pattern and surpassed the Rs 237 level on the weekly chart, it could suggest the potential for further price appreciation. Traders and investors often use such technical patterns as part of their analysis to make decisions about buying or selling stocks.
- Market Resumes Trade: The domestic stock market is set to resume trading on Wednesday after being closed on account of Independence Day.
- Previous Trading Session Performance: In the last trading session (Monday), the BSE Sensex gained 79.27 points (0.12%) and closed at 65,401.92. The NSE Nifty was up 6.25 points (0.03%) and closed at 19,434.5. The Nifty’s recovery helped erase intraday losses by the end of the trading day.
- Stocks in Limelight: Specific stocks are expected to be in the limelight during the trading session. These stocks include The India Cements, NCL Industries, Shankara Building Products, and Whirlpool of India. It’s likely that these stocks could experience higher trading activity or attention from investors.
Here’s a summary of our analysis:
- The India Cements:
- Recommendation: Buy
- Target Price: Rs 282-295
- Stop Loss: Rs 227
- Analysis: The stock has broken above a significant ‘Cup and Handle’ pattern on the weekly chart, with increased participation at the breakout level. Higher high-low formation and bullish signals from the weekly Bollinger Band and RSI indicate positive momentum. The analysis suggests an upside potential to Rs 282-295 levels.
- NCL Industries:
- Recommendation: Buy
- Target Price: Rs 245-255
- Stop Loss: Rs 204
- Analysis: NCL Industries has broken out of a consolidation zone, with a rebound from a key support level. The weekly RSI crossover and other positive indicators suggest potential upside towards Rs 245-255 levels.
- Shankara Building Products:
- Recommendation: Buy
- Target Price: Rs 900-940
- Stop Loss: Rs 738
- Analysis: The stock has broken a downward sloping trendline and a cup and handle pattern on the weekly chart. Increased volume at the breakout, along with RSI crossover and other bullish signs, indicate potential upside to Rs 900-940 levels.
- Whirlpool of India:
- Recommendation: Buy
- Target Price: Rs 1,665-1,700
- Stop Loss: Rs 1,445
- Analysis: Whirlpool of India has broken multiple resistances and a downward sloping trendline. It has also surpassed various moving averages, indicating strong bullish momentum. The weekly RSI and other factors suggest potential upside to Rs 1,655-1,700 levels.
