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VBL
After peaking near the 1672 mark on 19-06-2024, VBL experienced a significant downturn, with a decline of approximately 110 points, equating to roughly 6-7 per cent. However, in the current week, VBL demonstrated resilience by avoiding further drops and instead reversed around 21DEMA.
Notably, in the prior trading session, there was notable buying activity observed at lower price levels, suggesting investor interest in purchasing the stock at these levels. From a technical perspective, the daily RSI indicator has given reversed from 55 levels, indicating a potential shift in momentum, and presenting an attractive buying opportunity.
Consequently, traders are advised to consider buying VBL within the range of 1600-1615, with an anticipated upside target of 1685, with a stop-loss placed at 1560 based on a daily closing price.
SBICARD:
Following a peak near the 933 level, the SBICARD underwent a significant downturn, experiencing a sharp decline of nearly 280 points, which translated to a substantial decrease of approximately 30 per cent in its overall value. However, over the course of the week, SBICARD has managed to stabilize around the 675 levels, forming a sustained support base.
Notably, during this period, a bullish ALTERNATE pattern has emerged near the 680-710 level, providing further confirmation of positive market sentiment. Additionally, analysis of the DAILY RSI indicator reveals a bull divergence, indicating a favourable outlook for the stock.
Considering these factors alongside chart patterns, investors may find it prudent to consider initiating buy positions within the range of 720-735, with an upside objective targeted at 800. To manage risk, a stop-loss order should be set at 690 on a daily closing basis, providing protection against potential downside movements.
AETHER
Over the past few weeks, Aether has shown a consistent uptrend by forming higher highs and higher lows, which is a positive indicator of its market performance. Recently, Aether has surpassed its previous consolidation range high of 865 and is now trading around 905.
From a technical analysis perspective, the Relative Strength Index (RSI) on the daily chart has shown a bullish divergence, suggesting a potential upward momentum that investors might find appealing. Given these indicators, investors are advised to consider buying Aether shares within the range of 900-915, with the expectation that the price could rise to a target of 1010.
To manage risk, it is prudent to set a stop-loss order near 857 based on daily closing prices to protect against potential downside movements.
(Disclaimer: Jigar S Patel is a senior manager of equity research at Anand Rathi. Views expressed are his own)
First Published: Jun 27 2024 | 6:37 AM IST