 "Stocks, shares, stock maket")
The benchmark indices have been volatile since the late May of this year. While the larger trend continues to see bullish bias, the recent 15-20 sessions have become frantic, with wild moves striking the trading mood.
However, there are selective stocks that have stood firmly against volatility, defying all negative drawdowns. Shares of UltraTech Cement and Titan Company reached new historic peaks, while ABB India hits a new 52-week high on Friday.
Similarly, NTPC and Apollo Hospitals Enterprise are on the course to reach their respective highs, as the current underlying trend remains highly optimistic.
Here’s the technical outlook for these aggressive stocks:-
NTPC Ltd (NTPC)
Likely target: Rs 210
Upside potential: 15%
A breakout of “Ascending triangle” pattern has led this counter to enter medium-term bullishness, as per the daily chart. The breakthrough over Rs 180, which was the critical barrier since November last year has prompted an upside in the direction of Rs 210 level.
Until the support of Rs 167-mark, its 100-weekly moving average (WMA) is safeguarded, the trend is likely to see gradual upside in the coming sessions, as per the weekly chart. The trend remains upward, with every decline anticipated to garner more bullishness. CLICK HERE FOR THE CHART
ABB India Ltd (ABB)
Likely target: Rs 4,600
Upside potential: 10%
The support for the present trend is placed at Rs 3,800, which continues to bolster the upward bias. Unless this mark is breached, the trend appears to scale higher levels, as per the daily chart. The range of Rs 4,200 to Rs 4,100 could be the ideal area to enter long positions for a price level of Rs 4,600 level.
The stock has bullish momentum in the overbought category of Relative Strength Index (RSI) since January 2021, as per the weekly chart. The trend favor’s bullish bias for the ABB India shares, as per weekly chart. CLICK HERE FOR THE CHART
UltraTech Cement Ltd (ULTRACEMCO)
Likely target: Rs 9,000
Upside potential: 9%
The stock has set a new all-time in recent sessions, crossing previous peak with aggressive chart structure. For now onwards, Rs 8,000 becomes the neckline for an uptrend. Only a violation of this could lead to a collapse.
The current momentum points a rally in the direction of Rs 9,000 level. Accumulation range falls between Rs 8,200 to Rs 8,120 level, shows the daily chart. The Moving Average Convergence Divergence (MACD) is well poised over the zero line, indicating that the momentum on upside appears feasible. CLICK HERE FOR THE CHART
Apollo Hospitals Enterprise Ltd (APOLLOHOSP)
Likely target: Rs 5,600
Upside potential: 8%
A breakout over Rs 5,040-mark has sparked next leg of upside in the counter. The trend is headed towards Rs 5,600. The support for the current bias exists at Rs 4,900-mark, as per the daily chart.
The minor consolidation between the range of Rs 5,000 to Rs 4,900 has broken on the upside, eliciting fresh upside in the counter. The trend remains on the rising sentiment till the key support is defended. CLICK HERE FOR THE CHART
Titan Company Ltd (TITAN)
Likely target: Rs 3,200
Upside potential: 10%
Shares of Titan have a “Golden Cross” breakout signalling a bullish bias for a short-to-medium term perspective, as per the daily chart. Immediate buying range falls near to Rs 2,800-level. A closing basis support of Rs 2,700 shall act as a reversal mark.
The broader outlook denotes an optimistic rally in the direction of Rs 3,200-level, despite possessing divergence on the RSI indicator. CLICK HERE FOR THE CHART
