Hello All and Welcome Back !!
Today We will Look at the analysis of few Stocks..
Let's Start
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First Stock Today will be
ADANI ENTERPRISES LTD.
Changed Charting a Little Bit this time.. It will be Easy for Many Copy Past guys now :)
Jokes apart, This is a 4 Hr Chart and We can see The Stock Breaking Out of the Falling Trend. While Breaking Out, The Stock formed a Bullish Head and Shoulder Pattern. The Neckline of this Pattern is placed at 1453, While the Depth of the Head is around 1335, So as Per the Rule of the Pattern, The Target of the Breakout comes approx 120 points above the Neckline. It Simple Reflects in a Price of 1570 levels.
As Per the Chart, We can see a Resistance Placed Around 1577 Levels.
So For the First Target, We may Consider 1570-1577 Levels. Once The Stock crosses 1577 Levels, We may see a Quick move Towards 1666 levels Too ..
Recommendation here is :
BUY ADANI Enterprises Ltd.
Buy Around 1480-1500
Stoploss : 1444
Targets : 1577 - 1666
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Next Stock in Line is
L&T Finance Holdings Ltd.
Let's Start with a Chart :
This is a Weekly Chart,
We Can See a Continuous downtrend coming to an end. The Stock was already Weak and Under performing since last 4 years. COVID Lows started attracting Buyers and Then Stock Rallied till the Falling Trendline. Now The Stock is able to Trade above the Trendline in a Small range, trying to sustain above the trendline.
In breakout Process, The Stock has formed a Bullish Pattern of Cup and Handle at the base. The handle is not complete yet, will require the stock to cross and sustain above 111 levels for a breakout. If breakout is successful, we may see a breakout of atleast 55 Rs above the Neckline level.
This is a daily Chart, same Stock.. Here the Stock is in a Short Term Pullback since last few Days. Taking Support around 85 and Moving Towards the Falling Trendline multiple Times. Now the Price range is contracting and the stock has taken support, trying to move up again. We will have to Wait and Watch till it crosses the Falling Trendline and Moves up. 95 will be the Key area for me. Above 95, it will be safer for trades and We will See Good Moves in the Stock.
Recommendation :
BUY L&T Finance Holding Ltd.
Buy Around 88-87
Stoploss : Closing Below 84
Targets : 95 - 111
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Next Stock on Our Watchlist Will be
TATA Consultancy Services Ltd. (TCS)
Let's have a Look at the Chart :
The Chart is a Daily Timeframe chart and We may See, The Stock is Actually Trying for a Upmove but getting Resisted again and again.. Good Sign is, The Stock is Moving along a Rising Trendline. Took Support on the Trendline and Crossed an important resistance around 3250. Now Moving in a Comparatively easy area. Next Resistance is around 3340 and then 3400. Stock is Currently Trading around 3309.
Recommendation :
BUY TCS Ltd.
Buy Range : 3280 - 3300
Stoploss : Closing Below 3240
Targets : 3340 - 3400 and If 3400 Crossed Next Target will be 3633.
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CHOLAMANDALAM Investment and Finance Company Ltd.
Let's See The Chart :
This is a Daily Timeframe Chart, The Stock is Trading near it's all Time High, Slightly Lower on Pullback in Last few Weeks.
The Stock was taking a Strong Resistance around 588-600 Levels and Corrected Multiple Times, Then It started Pullback, may be due to profit booking by traders and investors. Took Support and Reversed Sharply above 500, Crossing the falling Trendline on short term. Now Again the Stock is trading Higher and Consolidating for some time. The Next Resistance will be 552 & 588 Levels while Support works out to be around 500 Levels.
Recommendation Here
BUY CHOLA FiNANCE LTD.
Buy Range : 510-520
Stoploss : Closing Below : 500
Targets : 552 - 588
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Risk Warning :
All the Recommendations are Based on Technical Analysis of Price Action of the Stocks. There is always a Risk of Trade going against Our Expectations, So Please do not Overtrade, Follow Proper Risk management and Enter the Trades as per given levels to Reduce Risk, Do not Jump in at Higher Rates. We will not be Responsible for any Potential Losses that may occur due to the trades.
Disclaimer :
The Analyst, SHINDE ATUL S. is a Global Market Expert and Certified Investment Adviser as Well as Certified Retirement Adviser. The Adviser is having an experience of 14+ years in International as well as Domestic Markets as a Analyst and Fund Manager.
Our Clients may or may not have trading / Investment positions in the recommended stocks.
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