Movers & Shakers: Stocks Going Into Action This Week

Movers & Shakers: Stocks Going Into Action This Week

Hindalco Industries (₹ 401.1)

Breaks out of reach

The Hindalco Industries share has been recovering very strongly since April 2020. Although there were intermittent price declines, the main trend remained bullish and the corrections were carried over. The final leg of the rally was established in February of this year from around 225 yen. However, the rally lost momentum in early March after reaching 360 yen. After that, the stock corrected a little and began to move sideways, largely hovering between ₹ 325 and ₹ 375. The bulls appeared to be losing momentum as the consolidation lasted until last week. On Thursday, the stock broke out of 375 yen, opening the door for further appreciation. It also moved above the 400 mark. So you can be positive and buy with a stop loss at ₹ 385; Destination can be ₹ 428.

Bharti Airtel (₹ 568.5)

Reached new 52-week high

After receiving support at 400 yen last October, Bharti Airtel’s stock began to move north. After hitting a new 52-week high of ₹ 623 in early February, the scrip abandoned its gains. The decline lasted through March, and the stock found support at 500 yen, down nearly 20 percent in two months. Still, after a brief period of consolidation, the stock resumed its bullish trend and broke resistance at 50550 last week. As a result, the scrip has started making higher highs in the past few weeks and the price action suggests another rally. Indicators like the RSI and the MACD show a new uptrend. Given these factors, traders can be optimistic and buy with a stop loss at ₹ 550; Destination can be ₹ 595.

JSW steel (₹ 757)

In a strong upward trend

JSW Steel stock has seen steady gains since April last year after finding support at levels140. As a result, the stock had passed the 400 yen mark in March this year. While the stock consolidated between 400 yen and 430 yen, it broke out of range in April and the rally that followed was even steeper and late last week the stock broke over the hurdle at 740 yen to close at 757. The price move on the day The chart shows no signs of weakness and so the stock will continue to move higher. The daily chart’s MACD continues to show an uptrend, while the ADX signals that the uptrend is very strong. So traders can buy the stock with a stop loss at ₹ 720 and look for a target of ₹ 795.

Info margin (₹ 4,677.3)

Shows bearish sign

Info Edge’s stock, i.e. Naukri, saw a selling trend between mid-February and late March, with the price falling from around 5,550 to a low of 4,024. But with support from the ₹ 4,000 and ₹ 4,025 band, the crash stopped and the stock began to move upward. While it appreciated through the end of April, the 5,000 yen level acted as resistance. Although the stock briefly traded above this level, it was unable to hold out and a decline ensued. It has thus made a lower high on the weekly chart and as it has fallen in recent weeks, the outlook is bearish. Therefore, the stock can be sold with a stop loss at ₹ 4,825; Target can be ₹ 4,375.

HDFC-AMC (₹ 2,718.6)

Mark lower lows

HDFC Asset Management Company shares have been fighting for a sustainable rally since the beginning of 2021. The price pattern since January is clearly showing a bearish bias, making lower highs and lower lows throughout. In line with this trend, the stock broke the ₹ 2,780 and ₹ 2,800 support band, adding to the bear trend. Indicators like the RSI and the MACD on the daily chart show the downward trend and are in negative territory. Also, the ADX suggests that bears have the upper hand over bulls. As long as the stock stays below the above support band, the trend will be bearish. With these factors in mind, the stock can be sold short with a stop loss at ₹ 2,810. The potential short-term goal can be 2,560.