Godrej Agrovet Ltd (NS:GODE) formed a Hammer at the lower channel. Selling is noticed for more than 15 days. Yesterday the stock breached 200EMA at the upper channel and made a low of 449, which is also the 52 week low. In the latter half of the day, the stock recovered from the bottom and closed at 455.70, which is a good sign of reversal. Along with the RSI, the primary indicators are in the oversold zone. 200DMA is getting breach by bigger DMA which will give buying opportunity. See bounce back which may sustain for short to medium term. One can buy 455.7-453.75 with a target of 475-480 and stop-loss at 448-446
Bajaj Consumer formed a Bearish Harami at the support of the band which might bounce back. The stock has made a 52week low of 278.40 on 25th July and is supported at that level and close in positive 289.30. ADX is in an oversold zone where buying opportunity may arise. On Monday the stock may open below its previous close and could reach around 282-280 level where one can buy for a bounce-back for a target of 295-300 with a stop at 275
Bajaj Electricals (NS:BJEL) formed a long bearish candle on the daily candlestick chart. It also made a 52week low 375.95. Death Cross is about to happen but don’t see the stock going down as it is at the lower channel. All major indicators are in oversold which will give support to reverse for upside. Stock may go down to reach 52 week low 375.95 and may go down further to 373, but at that level, buying should emerge. One can buy at 378-376 with a target of 400-405 and stop-loss at 370.
The analysis is based on NSE closing prices as on 26th July 2019.
Disclaimer: All analyses expressed here for reference only. Specific trading involves substantial risk for trader/investor must consider all risk factor of their personal finances before trading. Readers must consult their own investment adviser before making any trade.