Avenue Supermarts, Blue Dart: Strategies for Radhakishan Damani-owned stks

Here are trading strategies for key stocks held by Radhakishan Damani. Do you own them as well?

Avenue Supermarts Limited (DMART): Since 2019, the counter has risen towards Rs 3,300 level. The “Higher High, Higher Low” formation on the technical charts shows an overall positive sentiment, as per the weekly chart. The recent weakness can take the stock towards Rs 2,800 levels, which will act as an immediate support. Going forward, a breach of Rs 3,200 may trigger a rally towards Rs 3,500 levels. The counter is continuously trading above the 100-weekly moving average (WMA) from late 2019, indicative of the underneath strength is on the long side. CLICK HERE FOR THE CHART
 
India Cements Ltd (INDIACEM):  The counter has doubled in last one year from Rs 80. It may see some correction from its 52-week high. On the downside, until the counter holds Rs 150 levels, any reversal above Rs 180 may trigger an upside towards Rs 230 and then Rs 250 levels, as per the weekly chart. The formation of “Inverse Head and Shoulder” is indicative of underlying strength and can take the stock higher in the medium-term, as per the monthly charts. CLICK HERE FOR THE CHART

 
Blue Dart Express Limited (BLUEDART): A clear trendline breakout at Rs 3000 levels has led to a sharp upside towards Rs 5,740 levels. The next immediate resistance comes in at Rs 6,500 levels. The counter has successfully crossed the zero line of Moving Average Convergence Divergence (MACD), which is indicative of the medium-term bullish sentiment, as per the monthly chart. The volume on the breakout has seen a substantial increase, further confirming the upward bias. CLICK HERE FOR THE CHART
 

3M India Limited (3MINDIA): The sharp rise in the last 14 sessions has seen the counter hit an all-time high. This sharp move from the lows of Rs 21,000 levels suggests a further upside towards Rs 30,000 and then to Rs 32,000 levels. This will be possible if the counter is able to defend the support of Rs 26,000. 3M is witnessing buying momentum in the overbought category of Relative Strength Index (RSI), suggestive of the strong strength in the stock. CLICK HERE FOR THE CHART

 
Jubliant Foodworks Ltd (Jublfoods): The “Rising channel pattern” indicates a bullish sentiment in the stock, as per the weekly chart. The upside bias is intact with the closing basis support of Rs 2,750 levels. Any move above Rs 3,200 may trigger a further upside towards Rs 3,500 and then Rs 3,700 levels. The first signal of regaining positive bias may emerge above Rs 3000 levels. The volume on the green candles are higher compared to red candles, suggesting a bullish bias. CLICK HERE FOR THE CHART