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PVR Inox
PVR Inox has recently exhibited two significant technical analysis signals that indicate a potential bullish shift. Firstly, there is a bullish divergence on the weekly Relative Strength Index (RSI) near the 30 level.
This divergence suggests that while the stock's price was declining, the RSI was starting to increase, indicating a possible reversal in momentum. Secondly, the stock has broken through a bearish trend line of RSI weekly that had been in place for approximately 7 months.
This trend line breach is a critical signal, suggesting that the long-term bearish trend may be reversing to a bullish trend. Based on these technical indicators, investors and traders are advised to "go long" on PVRINOX, purchasing shares within the price range of 1415-1440 rupees. The stock is projected to have an upside target of 1575 rupees per share, highlighting a significant profit potential. To mitigate risk, it is recommended to place a stop-loss near 1350 rupees per share on a daily closing basis, ensuring protection against potential adverse movements.
Clean Science
Since March 2023, Clean Science has demonstrated remarkable stability by consistently maintaining its price range between Rs 1,230 and Rs 1,250. Over this period, the stock has formed approximately five to six bottoms within this level, indicating strong support and resilience at these prices.
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 "India’s inclusion in JP Morgan’s emerging market bond index, starting this week, is expected to bring capital into the country. Funds worth over $200 billion in assets track the index and are expected to result in over $20 billion flows into the coun")
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In the last trading week, a significant technical signal appeared in the form of a classic hammer candlestick pattern near the established support zone. This pattern is often seen as a bullish reversal signal, suggesting potential upward movement.
Furthermore, technical indicators support this bullish outlook: the weekly Relative Strength Index (RSI) has begun to chart higher highs and higher lows, a pattern indicative of strengthening bullish sentiment. Given these technical factors, we recommend initiating long positions within the price range of Rs 1,430 - Rs 1,460. Our target for this upward movement is Rs 1,575, while we advise setting a stop-loss at Rs 1,225 to manage risk.
Balaji Amines
Balaji Amines has recently exhibited two significant technical analysis signals that indicate a potential bullish shift.
Firstly, there is a bullish divergence on the weekly Relative Strength Index (RSI) near the 40 level. This divergence suggests that while the stock's price was declining, the RSI was starting to increase, indicating a possible reversal in momentum. Secondly, the stock has broken through a bearish trend line that had been in place for approximately 2.75 years.
This trend line breach is a critical signal, suggesting that the long-term bearish trend may be reversing to a bullish trend. Based on these technical indicators, investors and traders are advised to "go long" on Balaji Amines, purchasing shares within the price range of Rs 2,375-2,400
The stock is projected to have an upside target of Rs 2,760 per share, highlighting a significant profit potential. To mitigate risk, it is recommended to place a stop-loss near Rs 2,200 per share on a daily closing basis, ensuring protection against potential adverse movements.
(Jigar S Patel is a senior manager at equity research at Anand Rathi. Views expressed are his own.)
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