While Aarti Industries and Sun Pharma have been consolidating in a range and awaiting a breakout, Bajaj Auto seems to have given a breakout, says the technical analyst from Religare Broking
Ajit Mishra | Mumbai
Last Updated at September 29, 2021 08:34 IST
Aarti Industries Limited
Last Close: Rs 932.50
Initiation range: Rs 930-935
Target: Rs 990
Stop loss: Rs 905
Aarti Industries has been consolidating in a range for the last two months after recording a new record high at Rs 960. The stock has formed a strong base around Rs 880 levels and currently inching towards the upper band. Indications are in the favor of breakout in near future.
Bajaj Auto Limited
Last Close: Rs 3908.70
Initiation range: Rs 3890-3910
Target: Rs 4060
Stop loss: Rs 3830
Bajaj Auto has seen a breakout from a consolidation range of Rs 3680-3830 zone while holding strongly above the support zone of long-term moving average on the daily chart. The chart pattern and positioning of the oscillators are pointing towards a steady rise. We advise accumulating in the given range.
Sun Pharmaceutical Industries Limited
Last Close: Rs 775.10
Initiation range: Rs 775-780
Target: Rs 820
Stop loss: Rs 760
Sun Pharma has been consolidating in a range for the last two months and looks set for a breakout now. We feel it’s prudent to maintain few defensive stocks citing the possibility of volatile swings in the near future. Traders shouldn’t miss this opportunity and accumulate in the mentioned zone.
Disclaimer: Ajit Mishra is VP – Research at Religare Broking.
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First Published: Wed, September 29 2021. 07:56 IST