ACC, TaMo: These 5 cyclical stocks are showing upside bias on charts

The recent gap-up in the range of Rs 290 - Rs 282 levels remains the crucial breakout for the upside in Tata Motors

ACC Ltd (ACC):  Since June 2020, this counter has gradually been rising with the support of the 100-day moving average (DMA) currently placed at Rs 1,664 levels, as per the daily chart. On the higher side, some selling pressure can be observed around Rs 1,800 levels. Unless the counter conquers this resistance, the upside bias may witness profit booking. A successful close above Rs 1,800 means a breakout towards Rs 2,100 and Rs 2,400 mark. CLICK HERE FOR THE CHART

 

Tata Motors Ltd (TATAMOTORS):  The recent gap-up in the range of Rs 290 – Rs 282 levels remains the crucial breakout for the upside. The counter may rally towards Rs 400 mark once the immediate resistance of Rs 340 is successfully conquered. The current sideways movement is not showing a negative bias as the volume structure does now show aggressive weakness, as per the daily chart. CLICK HERE FOR THE CHART

 

DLF Ltd (DLF): This counter has a strong support of Rs 285 levels. Until this support is held, the upside momentum may see a rally towards Rs 345 and Rs 361 levels. Although, one can see a bearish divergence of RSI, the stock price is not showing aggravated weakness, as per the daily chart. The overall trend is bullish with the counter witnessing “higher high, higher low” formation. CLICK HERE FOR THE CHART

 

Larsen & Toubro Ltd (LT): The recent strong rally was close to the all-time high of Rs 1,607 levels. This move showed that the sentiment is on the bullish side, with market participants expecting a breakout with a new all-time high. The immediate support comes at Rs 1,391 levels, which is its 50-DMA. The overall trend is indicating a rally towards Rs 2,000 and Rs 2,100 mark, as per the monthly chart. CLICK HERE FOR THE CHART

 

Bank of Baroda (BANKBARODA): With a double bottom formation in the monthly chart, this counter is heading towards the resistance of Rs 108 levels. Similarly, the Moving Average Convergence Divergence (MACD) has formed a positive crossover, indicating that the direction and momentum are likely to remain on the ascending side. The Relative Strength Index (RSI) has crossed the mid-way mark of 50 value and is not showing any weakness. Unless a decisive breakdown below Rs 82 occurs, the trend is expected to be bullish, as per the monthly and weekly charts. CLICK HERE FOR THE CHART