5 stocks may make your August cheer more profitable
Live Events as a Reliable and Trusted News Source Addas a Reliable and Trusted News Source Add Now! (You can now subscribe to our (You
Live Events as a Reliable and Trusted News Source Addas a Reliable and Trusted News Source Add Now! (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel With August’s historical seasonality favouring Indian equities, analysts have identified stocks well placed to outperform based on derivatives build-up, though a few continue to attract bearish bets on weakening technicals.With August’s historical seasonality favouring Indian equities, analysts have identified stocks well placed to outperform based on derivatives build-up, though a few continue to attract bearish bets on weakening technicals.Change in OI in Aug Series: 16.99% Change in Price in Aug Series: 4.19%The stock has attracted fresh long positioning in the August derivatives series, said Dhupesh Dhameja, research analyst, Samco Securities. “The stock continues to trade above its 100-day EMA, highlighting a robust long-term bullish structure, while the recent decline appears to be a healthy retracement within the broader trend rather than a reversal,” he said. Dhameja said the stock has the potential to extend its up move towards Rs 530, while Rs 458 remains a critical stop loss, below which the technical structure would weaken.Change in OI in Aug Series: 1.83% Change in Price in Aug Series: 3.84%The stock has been consolidating in a symmetric triangle pattern for the past five months, said Vipin Kumar, AVP – Derivatives and Technical Research at Globe Capital Market.
“On Friday, it witnessed a bullish breakout from the said formation with a significant rise in volume,” he said. He suggests adding long positions in its August futures around the Rs 255-250 levels, with a stop loss at Rs 240, for a price target of Rs 270-280.Change in OI in Aug Series: 5.46% Change in Price in Aug Series: 2.65%The rise in open interest alongside a gain in price indicates fresh long accumulation in the August series, said Dhameja. “On the technical front, the stock is undergoing a healthy consolidation after a strong uptrend while holding above its rising 20-DEMA, highlighting sustained buying interest,” he said. “The ongoing price action reflects strong acceptance near higher levels, with the broader higher highhigher low structure remaining intact.” Dhameja said the structure suggests potential towards `445, while `384 remains a critical stop loss, below which the bullish structure would weaken.Change in OI in Aug Series: 44% Change in Price in Aug Series: 5.25%Following a multiquarter corrective phase, the stock has established a durable base around its four-year mean, said Amit Trivedi, SVP, Institutional Equities Research at Yes Securities.
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