Eternal, Marico, Nestle India: Analyst flags breakout on these 3 stocks

Kunal Kamble, technical research analyst at Bonanza flags a decisive breakout on Marico, Eternal and Nestle India stock charts, suggesting a likely positive trend in the near-term.

Stocks to buy today by Kunal Kamble of Bonanza

Marico Ltd

Buy Range: 850-851  Stop Loss: 818  Target: 900  Marico has witnessed a decisive breakout from a horizontal resistance zone, indicating a continuation of the prevailing uptrend.  After a sustained rally, the stock entered a phase of sideways consolidation, where prices traded within a well-defined horizontal range. The recent breakout above this resistance level reflects renewed buying interest and signals the potential beginning of the next leg of the upmove.  The breakout is accompanied by strong trading volumes, highlighting robust participation from buyers and validating the strength of the move. Higher volumes during a horizontal breakout generally indicate successful absorption of supply and improve the reliability of the breakout.  On the momentum front, the stock continues to exhibit positive price strength, with the breakout suggesting increasing demand and sustained buying momentum.

Eternal Ltd

Buy Range: 278-280  Stop Loss: 260  Target: 300-305  Eternal Ltd. has witnessed a decisive breakout from a Cup and Handle pattern, a classical continuation formation that typically signals the resumption of the prevailing uptrend.  The breakout confirms a positive shift in price structure and indicates the potential for further upside On the momentum front, the Relative Strength Index (RSI) is forming a pattern of higher highs and higher lows, indicating strengthening momentum and confirming the continuation of the prevailing uptrend. 

Nestlé India Ltd

Buy Range: 1,450-1,453  Stop Loss: 1,381  Target: 1,530- 1,550  Nestlé India has witnessed a breakout from a Flag and Pole pattern, a classical bullish continuation formation that typically signals the resumption of the prevailing uptrend. The sharp rally preceding the consolidation has formed the flagpole.  From a trend perspective, the stock continues to trade above its 21-day Exponential Moving Average (EMA), indicating that the short-term trend remains firmly positive. The EMA is likely to act as a dynamic support level during any intermediate pullbacks.  Overall, the technical structure remains constructive, supported by a Flag and Pole breakout, positive moving average alignment, and the successful breakout from a consolidation range. The stock appears well-positioned for continuation of the prevailing uptrend.  (Disclaimer: This article is by Kunal Kamble, sr. technical research analyst, Bonanza. Views expressed are his own. Readers' discretion is advised.)