Redington (India) Limited (REDINGTON): After conquering the 200-days moving average (DMA), the stock has entered into a consolidation range of Rs 105 to Rs 124 levels. The sentiment remains bullish with 50-DMA and the 100-DMA making a positive crossover with 200-DMA. The upward breakout may see a rally towards Rs 135 and then Rs 140 levels, as per the daily chart. CLICK HERE FOR THE CHART
Dixon Technologies (India) Limited (DIXON): A formation that is quite similar to “Double bottom” in the Relative Strength Index (RSI) will confirm a breakout if the counter closes firm today. During this formation, the price held the support of 50-DMA and has shown buying momentum. If the breakout occurs, then a rally towards Rs 9,600 to Rs 9,800 levels cannot be ruled out in the sessions ahead. A closing basis support comes at Rs 9,000 as per the daily chart. CLICK HERE FOR THE CHART
Sonata Software Limited (SONATSOFTW): Along with a formation of “Higher High, Higher Low” and a Golden Cross of 50-DMA, 100-DMA with 200-DMA, the counter is set to rally towards Rs 380 and Rs 400 levels in the days ahead provided the overall market sentiment stays strong. A closing basis support is located at Rs 340 levels. The stock is witnessing an addition in volume since the last 20 sessions, which indicates the interest of market participants that is likely to grow further in the sessions ahead, as per the daily chart. CLICK HERE FOR THE CHART
L&T Technology Services Limited (LTTS): The stock recorded a new all-time high of Rs 1,879.40 levels on October 13, 2020. This move has been able to supress the selling pressure, which was witnessed above Rs 1,800 levels. The sentiment has turned highly optimistic now and the counter may see a further upside if it can trade above Rs 1,800 levels for a few sessions. If that happens, a rally above Rs 2,000 mark cannot be ruled out. CLICK HERE FOR THE CHART
KPIT Technologies Limited (KPITTECH): The counter is witnessing profit booking / selling pressure above Rs 122 levels. This may offer an opportunity to get in at around Rs 110 and Rs 96 levels, which is the support zone for this counter. The current trend reflects weakness as RSI made a negative crossover in overbought condition which has not experienced any positive reversal. On the higher side, the next upside breakout is located above Rs 130 levels. CLICK HERE FOR THE CHART
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First Published: Wed, October 14 2020. 11:08 IST