Kolkata: Technical indicators suggest a potential upside for select stocks in the market. The daily charts for Gokul Agro Resources (GOKULAGRO), HCL Technologies (HCLTECH) and Prestige Estates Projects (PRESTIGE) display signals pointing toward a possible rally.
According to Dipesh Sarawgi, a technical research analyst at Choice Broking, key indicators include buying at support levels, improvements in the RSI (Relative Strength Index), and shifts in chart patterns. However, due to market volatility, there is no guarantee that these targets will be achieved. It is essential to understand stop-loss levels and the associated risks before making any investments.
Gokul Agro Resources (GOKULAGRO)
Thursday’s closing price: Rs 213.50 (+2.62%)
Stop Loss: Rs 200
Target Price: Rs 241
GOKULAGRO shares are trading at Rs 213.66. The stock has shown strength within the support zone of Rs 202-205. An ‘inside-day reversal’ setup has formed on the daily chart, signaling a potential upward move. Furthermore, the stock has found support near the 200 EMA and is now moving toward the 20 EMA. However, it may encounter resistance at the 50 EMA and 100 EMA levels.
The stock’s RSI has risen to 46.20, moving above its signal line. This serves as an early indicator that selling pressure is easing and buying interest is returning. Based on this technical setup, a target of Rs 241 has been set for the stock, with a stop loss at Rs 200.
HCL Technologies (HCLTECH)
Thursday’s closing price: Rs 1,360.00 (+2.49%)
Stop Loss: Rs 1,282
Target Price: Rs 1,516
HCLTECH shares are trading at Rs 1,360. On the daily chart, the stock has broken out above a ‘falling wedge’ pattern. Previously, it had found strong support in the Rs 1,180-1,200 range. The share price has now moved above the 20, 50, 100, and 200 EMAs. The RSI has also climbed to 66.87, indicating strong bullish momentum.
Given this technical setup, a target of Rs 1,516 has been set for HCLTECH. Meanwhile, to limit risk in the event of a decline, it is advisable to set a stop loss at Rs 1,282.
Prestige Estates Projects (PRESTIGE)
Thursday’s closing price: Rs 1,490.90 (+1.91%)
Stop Loss: Rs 1,406
Target Price: Rs 1,660
Shares of PRESTIGE are currently trading at Rs 1,491. The stock has shown strength within the support zone of Rs 1,400-1,410. A ‘double bottom’ reversal pattern has formed on the daily chart, signaling a potential recovery following a decline. The stock has closed above its 20-day EMA (Exponential Moving Average), though it may encounter resistance at the 50, 100, and 200-day EMA levels.
The RSI (Relative Strength Index) for this stock has reached 51.55, indicating growing buying pressure. Based on this technical analysis, a target of Rs 1,660 and a stop loss of Rs 1,406 have been set for PRESTIGE.