The analyst shares crucial chart levels for stocks such as Vedanta, BSE, Cochin Shipyard flagging potential buying opportunities.
In an ask-me-anything (AMA) session hosted on Stocktwits on Tuesday, SEBI-registered analyst Financial Sarthis (FS) shared his outlook on ten stocks. From potential breakouts in Eternal and Vedanta to crucial support in RVNL and Ola Electric, the analyst identified key levels to watch.
Let’s take a look at their recommendations:
Eternal
Eternal stock has seen a horizontal resistance breakout above ₹313. FS identified immediate support at ₹305, followed by ₹295, with resistance at ₹330. A breakout above ₹313 with follow-through is necessary for confirmation.
Rail Vikas Nigam (RVNL)
RVNL is testing a horizontal support at ₹318 after a prolonged downtrend. Support is seen at ₹318 and ₹300, with resistance at ₹340 and ₹360. FS sees a breakdown risk below ₹318, but a bounce is possible if that level holds. He advised traders to watch for a volume spike on either side for confirmation.
Ola Electric
Ola stock is in a prolonged downtrend and now consolidating at crucial horizontal support near ₹39–40. Resistance is seen at ₹45 and ₹50. The analyst said that a breakdown below ₹39 could invite fresh weakness, and it may slide to ₹32–30. But a breakout above ₹45 would be the first sign of recovery.
Bombay Stock Exchange (BSE)
BSE support is seen at ₹2,360, with resistance at ₹2,570. A breakout or breakdown will determine whether the trend is bullish or bearish.
Indian Renewable Energy Development (IREDA)
IREDA has been in a prolonged downtrend with support at ₹137 and resistance at ₹148. A weekly close above ₹148 will change the trend.
Inox Wind
Inox Wind has tested the support at ₹136 multiple times. One can initiate a ‘buy’ from the given support levels on a closing basis.
Varun Beverages (VBL)
VBL stock is showing signs of trend reversal, but confirmation is needed. Support is seen between ₹480 – ₹485, with resistance at ₹525. Current bias is neutral, but it may turn bullish on a reversal above ₹525
Vedanta
Vedanta stock has been trading inside a mother candle since July 9. Support is seen at ₹420, with resistance at ₹452 (61.8% level), ₹461 (mother candle high). The stock can see a possible reversal above ₹452.
Cochin Shipyard
Cochin Shipyard stock is in a downtrend, trading near key Fibonacci levels, with support at ₹1,635 and resistance at ₹1,730. The bias remains bearish until ₹1,730 is crossed.
Central Depository Services (CDSL)
CDSL stock is currently sideways, holding near key Fibonacci levels. Support is seen at ₹1,500–₹1,510, with resistance at ₹1,622. It needs a daily close above this level for a bigger upside ahead. The trend remains sideways till a bullish breakout only above ₹1,622.
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