TARGET: Rs 1,370
STOP LOSS: Rs 1,160
Since the past few trading sessions, we are witnessing positive price action in ENDURANCE along with heavy volume which indicates accumulation. On the daily scale, we were witnessing a range breakout which suggests upside momentum from here on. In addition, even the daily RSI has confirmed a breakout above 50 level which adds more conviction to the bullish outlook.
Thus, traders can accumulate the stock in the range of Rs 1,245 – Rs 1,225 with a stop loss of Rs 1,160 for an upside target of Rs 1,370 in the coming 2 – 3 weeks.
TARGET: Rs 520
STOP LOSS: Rs 465
On the daily chart we are witnessing that the stock HINDALCO has found support at the placement of its 200-DEMA. This support coincides with the placement of a bullish harmonic Alt Shark pattern. The pattern has its potential reversal zone between Rs 485 – Rs 475. We are expecting a strong trading bounce in the stock from current levels.
Thus, we advise traders to go long in the stock in the range of Rs 490 – 480 with a stop loss of Rs 465 for an upside target of Rs 520 in 2 – 3 weeks.
(Mehul Kothari – AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.