ANALYSIS DATE : 15th Jan 2024
In this blog I have put together the stock queries resolved during my LIVE session. As you might know already, I go LIVE on YouTube 3x a week on Mon, Tue, Wed at 5PM sharp.
The recordings of these webinars are available for later reviews but it is during the LIVE sessions that I answer a ton of queries for the audience members. After a year of resolving queries I have noticed some stocks perform really well and so the internal documentation is now publicly available to everyone to benefit from.
Below I share the highlights of some key stocks which I have used.
1. NSE: DMART (Avenue Supermarts Ltd)
Technical Analysis:
Identified important support zone around ₹3290.
Expecting a correction in the short term.
Outcome:
DMART s weak in short term but very attractive for long term.
Recommended to accumulate within the range ₹3300-3500, allocating 8 to 10 percent of the total portfolio.
Maintain a stop loss at ₹3180 on LT position (not recommended for ST)
Conservative target: ₹6900.
Long-term target (potential): ₹10,000 (over at least five years).
Chart 1: Weekly chart of DMART
2. NSE: SUZLON (Suzlon Energy Ltd)
Technical Analysis:
Strong rally observed but with signs of short term exhaustion.
Identified support at ₹30-31 and resistance at ₹51-52.
Volume participation crucial for sustaining the uptrend.
Stock breached above the 100 EMA of the monthly timeframe in Aug'23 to establish this rally
Outcome:
Stock is attractive for long long but short term is showing exhaustion and risk reward is not attractive
Existing short term holders are advised to use a stop loss at ₹36.5.
Resistance at ₹52; breach could lead to a target of ₹130.
If resistance at ₹52 isn't breached, expect a correction
Chart 2 of 75 Minute Timeframe of SUZLON
3. NSE: JIOFIN
Technical Analysis:
1.Recent rally of over 10% in two weeks.
2.Caution advised for fresh entries.
3.Suggested stop loss for existing holders below resistance at 254.
Recommendation:
1.Not a favorable time for new entries.
2.Emphasis on maintaining stop loss for existing holdings.
Overall Sentiment:
Not Recommended for Fresh Entry
Chart 3 of 75 Minute Timeframe of JIOFIN
4. NSE: SRF
Technical Analysis:
1. Strong underlying momentum observed on weekly timeframes.
2. Positive divergence on RSI, supporting bullish trend.
3. Ultimate support at 1997; suggested stop loss below 2000.
Recommendation:
1. Considered a very good pick for long-term investment.
2. Attractive risk-reward ratio, with a target of at least 45%.
3. Fundamentally strong and technically appealing.
Overall Sentiment:
Bullish Outlook for Long-Term
Chart 4 of 75 Minute Timeframe of SRF
5.NSE: AGI
Technical Analysis:
1.Strong breakout after a 25% decline.
2. Positive divergence on RSI signals positive range shift.
3.Buy-on-dip category stock with potential for 45% target.
Recommendation:
1.Considered a very attractive buy, especially for long-term investors.
2.Suggested accumulative strategy with a 15-16% stop loss.
Overall Sentiment:
Attractive Buy-on-Dip Opportunity
Chart 5 of 75 Minute Timeframe of AGI
6. NSE: WIPRO
Technical Analysis:
1.Textbook RSI positive divergence on the weekly timeframe.
2.Rounded bottom breakout, indicating a bullish trend.
3. Long-term target at 800, short-term retracement possibilities.
Recommendation:
1.Highly bullish outlook for Wipro.
2. Suggested stop loss at 445 for long-term investors.
Overall Sentiment:
Bullish Turnaround
Chart 6 of 75 Minute Timeframe of WIPRO
7. NSE: TATASTEEL
Technical Analysis:
1.Steel sector looks attractive, but caution advised.
2. Ideal to wait for a retracement before entering.
3. Existing holders urged to maintain stop loss at 135.
Recommendation:
Not recommended for fresh entries at the current point.
Overall Sentiment:
Caution for Fresh Entries
Chart 7 of 75 Minute Timeframe of TATASTEEL
8. NSE: KOTAKBANK
Technical Analysis:
1. Negative divergence observed, especially on Bank Nifty.
2. Massive negative divergence on Kotak Bank's last leg of upside.
3.Caution due to uncertainties in the banking sector.
Recommendation:
1.Caution urged for short-term investors.
2.Suggested stop loss at 1800 due to potential breach of support.
Overall Sentiment:
Caution Due to Negative Divergence
Chart 8 of 75 Minute Timeframe of KOTAKBANK
9. NSE: TTML
Technical Analysis:
TTML shows support at the 200 EMA and 500 EMA on different timeframes.
2. Volume indicates potential bullish momentum.
Recommendation:
1.Suggested stop loss at 85 rupees (8-9% stop loss).
2. Target is challenging to determine due to the stock's volatile nature.
3. Caution emphasized, especially with the stock's susceptibility to lower circuits.
Overall Sentiment:
A Volatile Opportunity
Chart 9 of 75 Minute Timeframe of TTML
10. NSE: LAOPALA
Technical Analysis:
1. Short-term support formed around the 500 EMA.
2. Mixed indicators on larger timeframes, prompting caution.
Recommendation:
1. Suitable for short-term entry with a 5% capital risk.
2. Stop loss at 343 and a potential target at 475.
3. Caution advised due to the stock's trendless movements.
Overall Sentiment:
Short-Term Opportunities
Chart 10 of 75 Minute Timeframe of TTML
11. NSE: BGRENERGY
Technical Analysis:
1. Significant volume pickup indicating short-term positivity.
2. Support identified for potential entry.
Recommendation:
1. Suggested stop loss at 83.75.
2. Target near 500 EMA resistance (around 126).
3. Caution advised until a breakout above 126 is confirmed.
Overall Sentiment:
Short-Term Positive Indicators
Chart 11 of 75 Minute Timeframe of BGRENEREGY
12. NSE: SJVN
Technical Analysis:
1. Strong underlying bullish trend.
2. Potential target at 112 with support at the previous swing high.
Recommendation:
1. Recommended to hold with a stop loss at 96.5.
2. Emphasis on maintaining the position due to strong trend momentum.
Overall Sentiment:
Riding the Bullish Trend
Chart 12 of 75 Minute Timeframe of SJVN
Conclusion:
While these analyses provide valuable insights, it's crucial for investors to conduct their own research, consider risk tolerance, and make informed decisions. The market's dynamic nature requires continuous monitoring, and caution should be exercised in volatile stocks. Thorough understanding of technical analysis principles is recommended for successful trading and investment strategies.
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Thank you for reading!
-Kavita Agrawal CMT CFA
