Som Distilleries and Breweries (SDBL)
SDBL reached a peak close to Rs 149 in Might 2024, however since then, it has skilled a big decline, shedding roughly 44 factors, which interprets to a 29 per cent drop in value. This sharp decline introduced the inventory right down to a essential assist stage, forming a triple backside sample within the vary of Rs 105-108.
The triple backside sample, occurring at a earlier demand zone, is usually thought-about a bullish sign, suggesting that the inventory has discovered sturdy assist at these ranges and could also be poised for a reversal.
In the latest buying and selling session, the inventory noticed a surge in buying and selling quantity, indicating renewed investor curiosity. The worth motion on this session was sturdy sufficient to interrupt via a 3-4 month-long bearish trendline, signaling a possible shift from a downtrend to an uptrend. Moreover, an identical trendline violation has been noticed within the Relative Power Index (RSI) on the each day chart, additional confirming the bullish momentum.
These technical developments make the inventory a lovely purchase candidate at present ranges. Based mostly on this evaluation, we advocate going lengthy within the value vary of Rs 110-114, concentrating on an upside of Rs 128. To handle danger, a stop-loss needs to be positioned at Rs 104 on a each day closing foundation, making certain safety in opposition to any additional draw back.
Hikal
Between March 2023 and June 2024, Hikal Restricted’s inventory was in a consolidation part, buying and selling inside a comparatively slim vary of Rs 260 to Rs 320. This extended consolidation interval means that the inventory was in a part of accumulation, the place neither consumers nor sellers had the higher hand. Nonetheless, the inventory finally broke out of this vary, supported by vital buying and selling quantity, which is usually a robust indicator of a shift in market sentiment in the direction of bullishness.
Following this breakout, Hikal rallied by almost 40 factors, underscoring the power of the breakout. Regardless of this rally, the latest correction within the inventory value presents a renewed shopping for alternative. From a technical perspective, the weekly Ichimoku bottom line is now performing as an important assist stage, aligning carefully with the breakout vary. This confluence of assist ranges means that the inventory is well-positioned for additional upside, making it a compelling purchase.
Given these technical indicators, it’s advisable to purchase Hikal inside the value vary of Rs 325 to Rs 335. The inventory exhibits potential for an upside goal of Rs 400, which represents a big achieve from the present ranges.
To handle draw back danger, a stop-loss needs to be positioned at Rs 295 on a each day closing foundation, making certain that any potential losses are restricted if the inventory fails to carry its assist ranges.
Patel Engineering
After reaching a peak across the Rs 70 mark in July 2024, the inventory skilled a notable correction, shedding 19 factors, which interprets to a big 27 per cent decline from its latest excessive. This sharp pullback introduced the inventory right down to a essential assist stage, positioned inside the demand zone of Rs 50-53, a stage that beforehand acted as a robust assist throughout its prior uptrend.
At this important assist stage, a bullish bat sample has emerged—a harmonic sample recognized for signaling potential bullish reversals. The bullish bat sample is often fashioned when the value motion retraces to particular Fibonacci ranges, indicating that the inventory is poised for a reversal from its latest decline.
The emergence of this sample, mixed with the inventory discovering assist at a key demand zone, creates a robust confluence of technical indicators that time in the direction of a possible upward transfer.
Given these favorable technical alerts, the present value ranges are thought-about engaging for getting. Due to this fact, it is strongly recommended to purchase the inventory inside the Rs 55-58 vary, with an upside goal of Rs 68. To handle danger and shield in opposition to additional draw back, a stop-loss needs to be positioned close to Rs 51 on a each day closing foundation.
(Jigar S Patel is a senior supervisor of fairness reserach at Anand Rathi. Views expressed are his personal.)
First Revealed: Sep 02 2024 | 6:34 AM IST
