Nifty crosses previous swing high, short-term trend reverses; Laurus Labs, JK Paper among stocks to buy
时间:2024-06-25 15:02:54 阅读(143)
By Subash Gangadharan
On the daily chart, we can observe that the Nifty has corrected recently and found support near the 50 day SMA. It has subsequently bounced back and made higher tops and higher bottoms on the 15 min intraday charts.
Stock picks for the next 15-26 trading sessionsLaurus Labs | BuyLaurus Labs has corrected from an intermediate high of 605 tested in August 2022 and found support at the 286 levels in March 2023, which also coincides with the previous intermediate lows, thereby indicating it is a strong support.
Laurus Labs has since then bounced back and made higher tops and higher bottoms over the last few months. Recently, Laurus Labs has broken out of its recent trading range on the back of above average volumes. And has subsequently pulled back and bounced from close to the 200 day EMA. This augurs well for the uptrend to continue.
Technical indicators too are giving positive signals. Laurus Labs is currently trading above the 20 day and 50 day SMA. Weekly momentum indicators like the 14-week RSI too are in rising mode and not overbought, suggesting scope for more upsides. With the intermediate technical setup looking positive, we believe Laurus Labs has the potential to move higher in the coming weeks and therefore recommend a buy between the 389-393 levels. CMP is 391.8. Stop loss is at 360 while target is at 440.
JK Paper | BuyJK Paper has shown relative strength this week. While the Nifty index has risen by 0.1% this week, JK Paper has gained 5.91% over the same time period.
Zooming into the daily chart, we can observe that JK Paper has made a double bottom around the 306 levels and broken out of the recent trading range on Wednesday on the back of above average volumes. JK Paper is now trading above the 20 day and 50 day SMA. And momentum readings like the 14-week RSI are in rising mode and not overbought, which implies potential for more upsides.
With the intermediate technical setup looking positive, we believe JK Paper has the potential to move higher in the coming weeks and therefore recommend a buy between the 350-354 levels. CMP is 352.4. Stop loss is at 332 while target is at 392.
(Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities. Views expressed are the author’s own. Please consult your financial advisor before investing.)
上一篇:Bumper debut- Flair Writing shares list over 65% premium on bourses; Should you hold or book profit-
猜你喜欢
- Blue Jet Healthcare IPO opens, GMP rises over 18%; should you subscribe to the issue-
- Gold Price Today, 13 Dec 2022- Prices flat as traders await US inflation data, Fed rate hike decision
- ITC share price hits fresh all-time high today, gains 55% in one year; Should you buy, hold or sell ITC stock-
- s, especially those with taste changes or dietary limits, to stick with the treatment. In a nutshell, BDENZA ORAL SOLUTION is a simpler, more patient-friendly way to tackle prostate cancer. It can help improving the patient compliance to a great extent,” Dr. Aravind Badiger Director, Technical Formulation said in a statement.
BDENZA ORAL SOLUTION represents a significant advancement in prostate cancer therapy, offering relief and hope to millions of patients worldwide.
“BDENZA represents a paradigm shift in prostate cancer therapy. Its introduction aligns with our relentless pursuit to provide accessible and patient-centric healthcare solutions. This first-of-its-kind oral solution that addresses the challenges faced by many patients, offering convenience, reduced side effects, and a palatable sugar-free taste and affordability,” Raheel Shah, BDR Group Director (Business Development) said in a statement.
- Bumper debut- Flair Writing shares list over 65% premium on bourses; Should you hold or book profit-
- Bumper debut- Flair Writing shares list over 65% premium on bourses; Should you hold or book profit-
- IPL Match 2023- Rajasthan Royals roar riding Jaiswal juggernaut, Chahal’s breaking record - See Photos
- Budget 2024- What to expect on the personal taxation front-
- Goa launches new model of regenerative tourism