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The bencharmark indices BSE Sensex and NSE Nifty50 hit a record high of 53,229 and 15,940, respectively in trade today, showing strengthening positive sentiment among investors and traders. So far during the year, both indices have added nearly 14 per cent.
Although few shares, in the same period, have seen multi-fold returns. For instance, Happiest Minds Technologies has soared 300 per cent so far this year while Route Mobile has doubled, ACE Equity data show. Even today, Happiest Minds' shares were in demand as the scrip rallied 9 per cent. Meanwhile, action remained high in shares of L&T Technology that surged 15 per cent, Graphite India that added 5 per cent and Route Mobile which gained 4 per cent in intra-day.
Now, here's a look at what tech charts are signalling for the stocks buzzing on investors' radar:
Happiest Minds Technologies Ltd (HAPPSTMNDS)
Likely target: Rs 1,550 and 1,650
Upside potential: 10% and 17%
With the “Higher High, Higher Low” formation, the counter is set to rise towards Rs 1,550 and 1,650 levels with extreme positive sentiment. As long as the support of Rs 1,110 levels is upheld, the upside bias is expected to gain on aggressive sentiment. The counter is witnessing strength in the overbought territory of the Relative Strength Index (RSI) reflecting selling pressure is not able to subside bullish momentum. CLICK HERE FOR THE CHART
Shilpa Medicare Limited (SHILPAMED)
Likely target: Rs 660 and Rs 700
Upside potential: Rs 10 and 15%
After forming the “Golden Cross” on the techncial charts, the counter has broken out above Rs 580 decisively. This up move is hinting at a rally towards Rs 660 and then Rs 700 levels. The medium-term outlook has turned bullish with this breakout. Investor interest is likely to remain high in this counter in the days ahead. CLICK HERE FOR THE CHART
L&T Technology Services Limited (LTTS)
Likely target: Rs 3,500 and Rs 3,700
Upside potential: 7% and 11%
A firm gap-up on July 15, 2021 the stock has broken out of the consolidation phase, as per the daily chart. This breakout indicates a possible upside towards Rs 3,500 and then Rs 3,700 levels. The bigger support stays at Rs 3,000 levels, while the immediate support comes at Rs 3,100 levels. The medium-term outlook suggests that the stock can move towards Rs 4,000 levels. CLICK HERE FOR THE CHART
Route Mobile Ltd (ROUTE)
Likely target: Rs 2,400 and Rs 2,550
Upside potential: 9% and 15%
As long as the counter upholds the support of 100-days moving average (DMA), the upside bias is expected to sustain and the counter can venture into uncharted territory in coming sessions. The 100-DMA is currently placed at Rs 1,681 levels. The immediate support comes in at Rs 2,000 levels. Going ahead, there are chances that the stock can move towards Rs 2,400 and then Rs 2,550 levels. CLICK HERE FOR THE CHART
Welspun India Limited WELSPUNIND)
Likely target: Rs 140 and Ra 150
Upside potential: 10% and 17%
Welspun India is witnessing a strong buying momentum in the overbought condition of the RSI. This clearly indicates positive strength and the price action is supportive of the bullish sentiment. Going forward, as long as the support of Rs 90 is held, the stock may see Rs 140 and Ra 150 levels in the weeks ahead, chart suggests. CLICK HERE FOR THE CHART
Graphite India Limited (GRAPHITE)
Likely target: Rs 703
Upside potential: 6.50%
After the gap-down below the support of 50-DMA, which was placed at Rs 718, the counter had turned negative. The current price action shows the counter is somehow managing to hold the weakness near 100-DMA, placed at Rs 634 mark. Until, this support is held, there can be a reversal, which may see the stock move up to Rs 703 levels, which also is its 50-DMA, as per the daily chart. CLICK HERE FOR THE CHART
