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The recent rally pushed the stock to a fresh 52-week high of Rs 445 recorded on 17th July 2023. It has rallied more than 10% in a week, and over 60% in the last 3 months. The stock also gave a breakout from a Flag pattern on the weekly charts which has opened room for the stock to head towards 500 levels, suggest experts.
However, experts are of the view that as long as the stock holds above the neckline of the rounding bottom breakout placed at around Rs 197 level, bulls should be able to take control.
V-Guard Industries, a household appliance company, has seen a significant rally in its stock price, reaching a new record high. Technical analysis reveals an inverted head and shoulder pattern, indicating a potential continuation of the upward trend. The stock is trading well above key moving averages, and the RSI suggests an overbought condition, implying a possible pullback. The MACD indicator is also bullish. Experts predict further price increases, with a target level of Rs 340 and a stop loss at Rs 255.
Exide Industries, an auto component maker, hit a fresh 52-week high in June 2022 and rose more than 30% from March 2023 to June 2023. The recent breakout from a Double Bottom pattern suggests that the rally may not be over yet and short-term traders can look to buy the stock now or on dips for a possible target of 280 levels in the next 3-4 weeks. The daily RSI is at 76.9 and the recent swing high has opened room for the stock to head towards Rs 280 levels in the short term.
Specialty chemical company Deepak Nitrite's stock price rose by 12% in one month, reaching over Rs 2,200. Experts predict that the rally may not be over yet, and short-term traders can buy the stock for a target above Rs 2,500 in the next one to two months. Additionally, the short-term moving average crossed the long-term moving average, and a breakout descending triangle pattern on the weekly charts suggests the possible reversal of the trend. The RSI also exhibited a breakout on a weekly timeframe, highlighting positive momentum.