Nifty 50 index has fallen over 10 percent from its highest close of 11739 points. Markets are trying to recover and expecting to find a safe ground. However, two stocks have been holding well during this entire time and have in fact risen by more than 45 percent since August 28.
Praj Industries (NS:PRAJ) Limited, Close: 107.75
Investtech's outlook: Positive
Dhampur Sugar Mills Limited, Close: 157.80
Dhampur Sugar Mills Limited has broken up from the falling trend channel in the medium term and reacted strongly up. For the time being, it is difficult to say anything about the future trend direction, but the higher tops and higher bottoms can be an early sign of a major trend reversal, to the positive.
The stock has almost doubled since its bottom in late July and is now trading inside the rising trend channel in the long-term chart. The volume balance indicator is very positive, indicating that the buyers have been aggressive while the sellers have been passive. The momentum indicator RSI curve is rising, which is again a positive sign. The stock has support around 148 rupees in the short term and at 105 in the medium term. Resistance is around 180 and then at 266 rupees.
The stock has been very volatile with over 29 % on an average basis.
The analyses are based on closing price as per October 10, 2018. Maintaining proper stop loss is always recommended.
Kiran Shroff, CMT
Disclaimer: All analyses used herin are subjective opinions of the author and should not be considered as specific investment advice. Investors/Traders must consider all relevant risk factors including their own personal financial situation before trading.
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