After an extended weekend, our markets opened on Tuesday with a good bump up on the back of favourable cues from the global bourses. The initial lead extended as we witnessed a good broad based participation to clock more than a couple of per cent gains. This was followed by a subdued session with few pockets sulking to trim some of the gains. However, once again,
NSE Scrip Code – HAPPIEST MINDS
View – Bullish
Last close – Rs. 594.55
Justification – This relatively newer stock has not been doing anything for nearly five months after its listing on the bourses. During the first half of the February, the volumes started picking up rapidly in this stock and this was clearly getting reflected in the price movement as well. In merely eight sessions after this, the stock prices had a sharp rise of more than 70 per cent to grab the eyeballs of so many traders/ investors. This was followed by a brief phase of consolidation which seems to be over now. On Thursday, the stock prices finally managed to blow out as we witnessed a colossal rally of more than 10 per cent along with sizable volumes. Although the historical price data is not much, the recent price chart displays a ‘Bullish Flag’ breakout in this stock. We recommend going long around 580 for a target of Rs.655 in coming days. The strict stop loss can be placed at Rs.542.
NSE Scrip Code – PRAKASH INDUSTRIES
View – Bullish
Last close – Rs. 81.40
Justification – This stock has been steadily moving higher since last March’s fiasco. However, it was unable to gain real momentum despite the broader market having a spectacular run all this while. In the last couple of sessions, all of a sudden, the stock prices have started zooming accompanied by towering volumes; indicating tremendous buying interest in the stock. In this course of action, it has managed to surpass the 75-mark convincingly after nearly two years. Considering the broader degree price action, this probably is the beginning of the multi-month rally in this counter. We recommend going long on a small dip towards 78 for couple of short term targets of Rs 88 and Rs 94. The strict stop loss can be placed at Rs 72.20.
NSE Scrip Code – SUNPHARMA
View – Bullish
Last close – Rs. 610.75
Justification – The entire PHARMA space has been quiet for nearly couple of months now after seeing a phenomenal run in the pandemic time. The stock has been consolidating in a ‘Downward Sloping Channel’ with no major destruction in prices. Now, after finding some support around the ’89-EMA’, the stock prices are about to move higher. Due to Thursday’s price up move, it’s at the threshold of the higher trend line of the ‘Channel’. Looking at the positive placement of the momentum oscillators as well as few key moving averages, the possibility of it confirming the breakout is quite high. Traders are advised to go long for a target of Rs.632. The stop loss can be maintained at Rs.596.50.
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