Gatherings that overcome a strong obstacle

The stock of ICICI Securities, which had been rising steadily from Rs 380 since April, lost its momentum when the price reached Rs 800 in July. However, the stock surged past this level last week with a significant volume, shifting expectations to the upside. In support of the positive outlook, the RSI and MACD are in the bullish zone. However, there could be a slight price correction, but it will be short-lived. Looking at the prevailing price action, traders can consider initiating long positions at the current levels and accumulating if the price drops to INR 810. Set your initial stop loss at INR 780. The stock is expected to rise to $1,000 in about two months but there could be a pause at $940. Once the stock crosses $940, review your stop loss up to $900 and wait for the potential target at $1,000.

The ascending triangle confirms

Since the beginning of this year, Bank of India stock has made two attempts to break through the resistance at $155 but failed to break it. However, price action since February shows that the stock has made higher lows. Last week, the stock managed to break out of the barrier at $155 in significant volume and confirmed the ascending triangle pattern, hinting at a continuation of the rally. But the stock could retest the resistance-turned-support at EGP155 before heading towards EGP180. A breach of this level could raise it towards the $200 mark. Thus, one can buy the stock at around INR 164 and then again at Rs 155. The stop loss can be at INR 147; Checkout is at INR 185. In case the stock rises above Rs 172 without retesting Rs 155, shift your stop loss order to Rs 165.

Records the highest level in several years

Shares of National Aluminum Company have been on the rise since November last year. Although there were significant corrections, the general trend continued to rise. Against this backdrop, the stock crossed a milestone as it surged above $100 and hit a multi-year high of Rs 108.75 last week. The uptrend remains intact, and the stock is ready to continue its upward trend. To confirm the positive outlook, the daily chart’s RSI and MACD are showing a new high and there is a good build-up of volume along the price rally. Also, until the stock stays above $100, the bulls will have an advantage. Therefore, traders can initiate new buy positions at Rs 105 and keep the stop loss at $98. The target can be $120 which can be achieved within a month.

He sees a new breakthrough

Adani Ports and Special Economic Zone stock has been in a strong uptrend since November of last year. However, after reaching $885 in April of this year, the stock lost momentum and became more volatile. Over the past four months, it has been trading at less than INR 780. But last week, the stock closed above this level, giving it a bullish outlook. So, from now on, the stock could see a small pullback, possibly towards the $780-800 band, then rise to $850 and ₹885. One can buy the shares at current levels and accumulate on dips at $780. Initially the stop loss can be placed at 758 INR. Once the stock rises to $850, consider booking partial profits and reviewing the stop loss for the rest of the position up to INR 815. Exit pending positions at $885.

breaks major resistance

Suprajit Engineering’s stock, which launched its upward trajectory in June last year from around Rs 110, faced its first handicap at ₹ 300 in March of this year. Apparently, this has been breached and thus the stock has faced a hitch in the region of Rs 335-338 in the past two months. But the stock breached ₹335 last week, making the case even stronger for bull control. However, a price correction cannot be ruled out, which could pull the stock back to $360. On the upside, it is likely to rise beyond $400 and touch $425 in the near term. Therefore, traders can initiate new buy positions at the current levels and accumulate at $360. Set the stop loss at INR 340. Book profits at $425. If the stock rises above INR 400 without correction, move your stop loss up at INR 380.

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