 "HDFC Securities recommends to buy Mastek, CCL Products; here's why")
Nifty View
Nifty formed a spinning top-like formation after a small rise. This could mean possible reversal of the uptrend, which will get confirmed once 18,120 is breached on the downside. A level of 18,345 on the upside could offer resistance.
Buy Mastek
Last close: Rs 1,747
Target: Rs 2,000
Stop-loss: Rs 1,600
Last close: Rs 1,747
Target: Rs 2,000
Stop-loss: Rs 1,600
The stock price has broken out from symmetrical triangle on the daily charts. On the week ended 21st April 2023, the stock price broke out from consolidation with significant jump in volumes.
On May 2, 2022, the stock resumed its uptrend after running correction from recent swing high. The stock is placed above its 20, 50 and 100 days EMA.
Indicators and oscillators like MACD and RSI have turned bullish on its weekly charts. IT sector has started its outperformance after long time.
On May 2, 2022, the stock resumed its uptrend after running correction from recent swing high. The stock is placed above its 20, 50 and 100 days EMA.
Indicators and oscillators like MACD and RSI have turned bullish on its weekly charts. IT sector has started its outperformance after long time.
Buy CCL Products
Last close: Rs 599.6
Target: Rs 680
Stop-loss: Rs 548
Last close: Rs 599.6
Target: Rs 680
Stop-loss: Rs 548
The primary trend of the stock has been bullish as it has been forming higher tops and higher bottoms on weekly charts. The stock price has been finding support on its 50 days EMA.
Moreover, the stock has broken out from symmetrical triangle on the daily chart and registered new all time high. The price rise is accompanied by jump in volumes. Indicators and oscillators, too, have turned bullish on daily and weekly charts.
(Vinay Rajani, Senior Technical and Derivative Research Analyst at HDFC securities. Views expressed are personal).
Moreover, the stock has broken out from symmetrical triangle on the daily chart and registered new all time high. The price rise is accompanied by jump in volumes. Indicators and oscillators, too, have turned bullish on daily and weekly charts.
(Vinay Rajani, Senior Technical and Derivative Research Analyst at HDFC securities. Views expressed are personal).
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