Latest news with #Camarilla
Mint
2 days ago
- Business
- Mint
Stocks to buy for short term: From Praj Industries to Route Mobile— Jigar Patel of Anand Rathi suggests 3 stock picks
Stocks to buy for the short term: A deeper-than-expected 50 bps rate cut drove the Indian stock market benchmark Nifty 50 above the 25,000 mark on Friday, June 6. The index ended the week over a per cent higher, snapping its two-week losing run. According to Jigar S. Patel, Senior Manager of Equity Research at Anand Rathi Share and Stock Brokers, the Nifty 50 is approaching a critical resistance zone of 25,100–25,300, aligning with key Fibonacci retracement levels. Patel believes this zone may trigger profit booking and poses a risk of negative RSI divergence on the daily chart. "We remain cautious and recommend profit-booking near this zone. A decisive breakout above 25,300 could warrant a re-evaluation of our outlook," said Patel. "On the downside, 24,700 serves as immediate support, while 24,450 remains the make-or-break level for bulls. The coming week's follow-through will determine whether this bounce sustains or fizzles out," Patel said. Jigar Patel recommends buying shares of Route Mobile, Praj Industries and OFSS for the next two to three weeks. In the recent trading session, Route Mobile broke out after nearly a month of consolidation, accompanied by a significant surge in volume, indicating strong accumulation. This consolidation phase is particularly notable because it occurred within the R3–S3 zone of the monthly Camarilla pivots, establishing an inside-value relationship. This setup forms when the current month's pivots are nested within the previous month's range, often signalling a potential breakout with strong directional bias. Adding to the bullish case, the daily RSI has consistently held above the 40 level and is now positioned at 64, reflecting strengthening momentum. "We recommend a buying opportunity in the ₹ 1,000–1,030 zone, with a target price of ₹ 1,150 and a stop loss of ₹ 940 on a daily closing basis," said Patel. Route Mobile stock technical chart Praj Industries has recently completed a bullish dragon pattern, indicating the potential for a strong upward move. Complementing this setup, the monthly Camarilla pivots are displaying a higher overlapping value relationship, and price action has decisively closed above the R3 level—a clear signal of emerging bullish momentum. On the momentum front, the daily RSI has broken out after a prolonged consolidation between the 40–50 zone and now stands near 60, reinforcing the positive bias. "Initiate long positions in the ₹ 500–508 zone, with the target price of ₹ 580 and a stop loss of ₹ 465 on a daily closing basis," said Patel. Praj Industries stock technical chart OFSS has recently formed a solid base in the ₹ 8,300–8,700 range and is now trading firmly above the ₹ 8,700 mark, suggesting growing strength. What stands out technically is the presence of an inside value relationship between the monthly Camarilla R3 and S3 pivots—a structure that often precedes sharp directional moves. Adding to the bullish setup, the daily RSI has consistently held the 50 level, reflecting sustained momentum and the potential for a continued uptrend. "Enter long positions in the ₹ 8,700–8,800 zone, with the target price of ₹ 9,800 and a stop loss of ₹ 8,250 on a daily closing basis," said Patel. OFSS stock technical chart Read all market-related news here Read more stories by Nishant Kumar Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions, as market conditions can change rapidly, and circumstances may vary.
Mint
05-05-2025
- Business
- Mint
From Honasa Consumer to Wipro— Jigar Patel of Anand Rathi suggests THESE 3 stocks to buy for short term; do you own any?
Stocks to buy for the short term: Nifty 50, the benchmark of the Indian stock market, extended gains to the third consecutive week last Friday despite escalating tensions between India and Pakistan. The Nifty 50 rose about 1.3 per cent last week amid growing optimism towards a potential trade deal between the US and China even as the India-Pakistan factor capped the gains. Healthy macroeconomic indicators, sustained foreign capital inflow, weakness in the dollar index and largely stable Q4 earnings supported the domestic market. The Indian stock market is enjoying strong tailwinds at the current juncture. However, the India-Pakistan conflict remains a key overhang. Given this risk, experts suggest that investors exercise caution in stock selection and focus on companies with strong fundamentals and favourable technical indicators. Jigar S. Patel, Senior Manager of Equity Research at Anand Rathi Share and Stock Brokers, recommends buying shares of Honasa Consumer, Wipro and Godrej Properties for the next two to three weeks. Honasa Consumer has recently staged a breakout following a prolonged consolidation phase within the ₹ 200–235 range, signalling a resurgence in bullish momentum. Notably, this consolidation occurred around the R3–S3 levels of the monthly Camarilla pivot, a technically significant zone that adds weight to the bullish narrative. Furthermore, a bullish divergence on the weekly RSI lends additional confirmation to the potential for sustained upward movement. "Given this favourable breakout structure and supporting indicators, traders are advised to consider long positions in the ₹ 245–255 range, with a stop loss at ₹ 224 on a closing basis. The stock looks poised to advance toward an upside target of ₹ 300 in the coming sessions," said Patel. Honasa Consumer stock technical chart Over the past three weeks, Wipro has demonstrated consistent support near the ₹ 200 high-low band on the weekly chart, indicating strong buying interest in the ₹ 230–240 zone. This accumulation area also coincides with the S1 Floor yearly pivot, lending additional technical strength to the support level. On the daily timeframe, a bullish divergence on the RSI further reinforces the positive bias and signals a potential reversal in momentum. "Considering these supportive signals, traders are advised to initiate long positions in the ₹ 236–244 range, with a stop loss at ₹ 227 on a closing basis. The stock appears well-positioned to move toward an upside target of ₹ 265 in the near term," Patel said. Wipro stock technical chart Godrej Properties has recently delivered a decisive breakout backed by strong volumes, following an extended consolidation phase within the ₹ 1,900–2,200 range. A triple bottom formation was observed near the ₹ 1,900 mark, accompanied by a positive divergence on the RSI, suggesting bullish momentum. This ₹ 1,900 level also coincides with a significant historical breakout level, which is now acting as a key support. Interestingly, this support level aligns with the S3 Camarilla quarterly pivot, further reinforcing its strength, as highlighted in the accompanying chart. "Given these technical signals, we recommend initiating long positions in the ₹ 2,200–2,250 range, targeting a potential upside towards ₹ 2,450. A stop loss should be maintained below ₹ 2,100 on a daily closing basis to manage risk effectively," said Patel. Godrej Properties stock technical chart Read all market-related news here Read more stories by Nishant Kumar Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions, as market conditions can change rapidly, and circumstances may vary. First Published: 5 May 2025, 01:21 PM IST
