Tata Motors is nearing an inverted head-and-shoulders breakout, while Dixon, Chennai Petro and Ugar Sugar are riding volume-backed patterns.
Tata Motors is approaching a crucial breakout zone, while Dixon Technologies, Chennai Petroleum and Ugar Sugar are showing strong technical setups backed by volume action. SEBI-registered analysts tracking these counters say the patterns point to further upside in the short to medium term.
Let’s take a look at the rationale behind their recommendations.
Tata Motors
Investment advisor Arun Mantri flagged that Tata Motors shares have been in strong momentum and are on the verge of breakout of the ongoing Inverted Head and Shoulder pattern, which is due above the ₹705 mark on the daily charts.
Meanwhile, analyst Vinay Taparia has flagged potential upside in three stocks: Dixon Technologies, Chennai Petroleum and Ugar Sugar.
Dixon Technologies
Dixon has seen a good breakout with volumes. The stock can move to ₹19,000 level in the short term, with ₹16,800 acting as a good support. But a close below ₹16,500 negates this view.
Chennai Petroleum
Chennai Petro has seen a good breakout from the range with good volumes. The stock can move to ₹800 level in the next three to six months, with ₹630 level acting as a good support. A close below ₹598 negates this view.
Ugar Sugar
Ugar Sugar has given a small cup and handle breakout at support level. It can move to ₹48-₹52 levels in next six to nine months, with ₹40.50 acting as a good support. A close below ₹39 negates this view.
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