Nifty above 19700 can negate bearish patterns, could target 20k; buy these stocks to pocket short-term gains By Nagaraj Shetti After showing weakness amidst range movement on Tuesday, the Nifty witnessed sharp upside recovery from the intraday lows on Wednesday and closed the day higher by 61 points. A reasonable positive candle was formed on the daily chart with a long lower shadow. Technically this pattern indicates a formation of bullish hammer type candle formation (not a classical one), but the placement of the candle is not ideal. The negative chart pattern like lower top and bottoms is still intact, but there is no confirmation of any lower top reversal pattern as of now. Buy Crompton Greaves (CMP Rs 305.50) The weekly timeframe chart of Crompton Greaves Consumer Electricals Ltd indicates a sustainable upside bounce so far this week. After moving into a narrow range movement in the last 5-6 weeks, the stock price is currently in an attempt of upside breakout of the range at Rs 304-305 levels. The present chart pattern also indicates an attempt of upside breakout of bullish flag type pattern with the neckline of Rs 304 levels. This price action is expected to be an uptrend continuation pattern. Weekly 14 period RSI is sloping upward there by signaling a strengthening of upside momentum in the stock price. Buying can be initiated in Crompton Greaves at CMP (Rs 305.50), add more on dips down to Rs 292, wait for the upside targets of Rs 335 and Rs 357 in the next 3-5 weeks. Place a stoploss of Rs 280. Buy Mangalore Refinery (CMP Rs 85.55) The stock price as per weekly timeframe chart has been showing sharp upside momentum over the last few months. The said upside rally was as per the positive chart pattern of higher highs and higher lows. The stock price has recently shifted into a consolidation movement in the last one month and is now placed at the new higher bottom of the pattern. The stock price has also moving up from near the immediate support of 10-week EMA at Rs 79. The weekly RSI shows positive indication. One may look to buy Mangalore Refinery at CMP (Rs 85.55), add more on dips down to Rs 82 and wait for the upside targets of Rs 95 and Rs 104 in the next 3-5 weeks. Place a stoploss of Rs 79. (Nagaraj Shetti, Technical Research Analyst, HDFC securities. Views expressed are the author’s own. Please consult your financial advisor before investing.)
The move had also prompted the country’s largest organised retailer Reliance Retail to step into the value retail segment with Yousta, which was announced on Thursday. Like Intune, Yousta began its operations in Hyderabad, with plans to expand across the country. Intune has three stores – two in Hyderabad and one in Dombivli, near Mumbai, with plans to add another three more outlets in the coming months.
Nair had admitted on a recent earnings call that the apparel segment in general was witnessing moderation and that the value retail foray by Shoppers Stop could help the company tap into the growing trend for affordable fashion and lifestyle products, aiding sales growth.
That was an important statement for Shoppers Stop, which reported a nearly 37% year-on-year drop in net profit to Rs 14.5 crore in the June quarter of FY24, even as revenue grew only 4.8% versus the previous year to nearly Rs 994 crore.
On a yearly basis, the company had last reported a net profit of nearly Rs 114 crore in FY23 after three consecutive years of loss between FY20 and FY22 due to the Covid-19 pandemic. FY23 topline also jumped nearly 60% year-on-year to Rs 4,022 crore, the highest in six years, its results showed.