Nowadays the market is too bullish and we have found two
strong bullish stocks. One from Auto and IT sector.
Technical overview of
Maruti: On 19th October 2019, Maruti has made a top around 7758.70 and
shown fall till next support that is around 7000. The stock has sustained many
days near the same support and made a new lower-high around 7400. Currently,
the stock is trading in a channel as shown on the chart and today's price
closed near the upper band of the channel. We are expecting a breakout to this
channel, the reason is the auto sector is bullish and the market is making new
lifetime highs on every day. We have to wait for channel breakout confirmation
and can buy Maruti if it closes above 7450.
If the stock closes above 7450 then we are
expecting levels of 7550/7650/7750.
Technical Overview of
Tata Elxsi Ltd : We
picked one stock from the IT sector and it is showing the potential to reach
1000. Below is a monthly chart of TATA Elxsi, the stock had made first shoulder
& head and now it is completing the second shoulder. We are expecting a
rally of 110 points from current levels i.e. level of 1000 and that is the next
resistance. Also, plus point is a dollar index and it is trading near lifetime
highs. And everybody knows the correlation between dollar & IT stocks.
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Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.
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