Stock Pick for Monday, August 02, 2021

  • Stock Market Analysis

In the previous session, the Nifty Index has once again attempted to test near its key resistance level. The index saw a positive opening in the morning and traded in the range bound. However, in the last hour, the Nifty slipped into negative territory. The index formed a bearish candle on the chart and closed with a minor loss of 15.40 points. Hence, we recommend continuing to approach the markets in a stock-specific way.

Indian Stock Market to see some short-covering today. The market would enter into a negative zone only if Nifty manages to close below 15707 and until then the market would be rangebound. Following stock looks technically strong and traders can go long at dips in the market.

Voltas Ltd. (NS: VOLT )

NSE : VOLTAS   BSE : 500575  Sector : Consumer Durables

 In the last trading day, the stock formed a strong bullish candle on the daily chart. We can see the ‘Triple Bottom Pattern’ has formed.’ It is a bullish reversal pattern, which is characterized by three equal lows followed by a breakout above the resistance line. Stock is now quoting near the neckline of the pattern and further break of its previous day high might push the prices towards the upside. A break above 1065 confirms the breakout of the Triple bottom pattern.

In addition, stock prices have bounced off from the Middle Band Bollinger and closed near the upper bands which shows the strength in upward momentum. Confirmation was made with the help of 100 EMA support. The Relative Strength Index (RSI) on the daily chart is 59.79.

In short, VOLTAS has continued to trade in the positive zone. Now a move above 1065 will confirm the uptrend and open up gates for higher levels towards 1097/1125. As far as 1033 remains intact on the lower side.

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  • Vishal Patil @Vishal Patil
    tnq sir
    Like 0
  • Amul Verghese @Amul Verghese
    Thank you very much :)
    Like 0
  • Pandit Ulape @Pandit Ulape
    thanks
    Like 1
  • chandra bhushan @chandra bhushan
    Thank you very much sir ji ....
    Like 0
  • Md Molla @Md Molla
    Sir Great calculations
    Like 0
  • Dhruv Gorana @Dhruv Gorana
    How much should i hold sir
    Like 2
  • Vishal Patil @Vishal Patil
    tnq sir
    Like 0
  • Altaf Shaik @Altaf Shaik
    Today Canara bank is also in high bcoz of 3x retuns
    Like 0
  • Md Molla @Md Molla
    OK Sir....
    Like 0
  • alok kumar sahu @alok kumar sahu
    good analysis
    Like 0
  • tapan sur @tapan sur
    a good analysis, also we need to check volume for a further confirmation.
    Like 2
  • Shyam Mishra @Shyam Mishra
    Thanks sir
    Like 0
  • Gaurav sarlam @Gaurav sarlam
    thanks sir
    Like 0

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