 "Market, BSE, NSE, NIfty, Stock Market, investment")
Stocks recommendations: Brigade Enterprises Ltd
Brigade Enterprises has given a breakout from a falling parallel channel pattern, indicating a potential trend reversal. The stock is currently trading above all major Exponential Moving Averages (EMAs), which reflects a strong bullish undertone.
A notable increase in volume on the breakout day suggests active participation from buyers, indicating strong demand and conviction in the upward move.
The Relative Strength Index (RSI) has also broken out above its resistance level, confirming strength in momentum and supporting the ongoing price action.
Furthermore, the MACD line has crossed above the signal line, reinforcing the bullish outlook and suggesting the potential for further upside in the near term.
Brigade Enterprises Ltd: ₹1,221
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Stop-loss: ₹1,040
Target price: ₹1,500/₹1,650
Cochin Shipyard Ltd
Cochin Shipyard has resumed its upward movement following a successful throwback, confirming the strength of the breakout. The stock is forming a Higher High–Higher Low structure, ₹which is a classic indication of an ongoing uptrend.
Additionally, volumes have been steadily rising since the throwback, signaling sustained buying interest and investor confidence in the current rally.
The Relative Strength Index (RSI) is trading in a higher range, further supporting the bullish momentum and indicating strength in the ongoing trend.
Cochin Shipyard: ₹2,016.8
Stop-loss: ₹1,700
Target price: ₹2,500/₹2,700
Ideaforge Technology Ltd
Ideaforge has completed its subwave 4 corrections and has now entered into the fifth pulsive wave, signaling the continuation of its primary uptrend.
The stock has taken support at the 20-day Exponential Moving Average (EMA) and bounced back, indicating that the 20 EMA is acting as a strong dynamic support level.
An increase in volume during buying sessions reflects growing buyer confidence and accumulation at current levels.
Moreover, the Relative Strength Index (RSI) has reversed from the throwback phase and is now trending upward, further confirming the bullish momentum.
Idea Forge: ₹561.20
Stop-loss: ₹496
Target price: ₹650-₹700 (Disclaimer: This article by Kunal Kamble, sr. technical research analyst, Bonanza. Views expressed are his own.)
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