Since almost a month, IBREALEST has been consolidating in a range of 84 - 75. During this period, the stock found support at the placement of 200-day EMA. This support coincides with the flat line of Ichimoku on the weekly scale. The stable price action above such strong support indicates accumulation and the stock is preparing for a fresh upside. Hence, traders are advised to buy the stock near 81 with a stop loss of 76 for the upside potential target of 92 in 3-4 weeks.
BUY RELIANCE | TARGET: Rs 2,050 | STOP LOSS: Rs 1,900
Since November 2020, the stock RELIANCE has made almost three bottoms between 1,830 – 1,860 levels. This indicates multiple supports for the stock near 1,830-mark. Even in the recent corrective move, the stock made a low of 1,876 and then rallied towards 2,050 level. At this point, again, it seems that the stock is turning from those supports. Thus, traders are advised to buy the stock in the range of 1,960 - 1,950 with a stop loss of 1,900 for the upside potential target of 2,050 in 3-4 weeks.
BUY RKFORGE | TARGET: Rs 770 | STOP LOSS: Rs 570
The stock RKFORGE has been consolidating in a broad range of 610 – 490 since January 2021. The stock has recently broken out from this five-month consolidation, which indicates strength. On the larger degree scale, the breakout resembles a bullish FLAG pattern. In addition, the stock has also broken out from the Ichimoku cloud on the monthly scale. Traders are advised to buy the stock in the range of 650-630 with a stop loss of 570 for the upside potential target of 770 in 3-4 weeks.
Disclaimer: Mehul Kothari is AVP – Technical Research at Anand Rathi Shares & Stock Brokers. Views are personal. 
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