NSE Script – PATANJALI
Display – Bullish
Last Close – Rs 1,800
On the weekly chart, this stock has earlier faced notable resistance around the Rs 1,700 level. However, despite challenging market conditions this week, the stock has seen a significant breakout and confirmed a bullish Saucer formation. This breakout has pushed the prices into new territory, reflecting inherent strength.
During the week, the stock showed a bullish gap and strong positive candles, reinforcing the validity of the breakout.
Therefore we recommend BUY PATANJALI for around Rs 1,800 – 1,790 | SL: Rs 1,711 | TGT: Rs 1,956
NSE script – MCX
Display – Bullish
Last Close – Rs 4,377
This stock has consistently outperformed, maintaining a Higher Top Higher Bottom price pattern. It shows minimal reaction during broader market corrections, but outperforms when the market is in an uptrend.
This week, after an initial consolidation period, the stock showed strong momentum on Friday, confirming a continuation of the Flag breakout.
On a higher time frame, prices have already breached the key resistance level of the previous swing high of Rs 4,270 in April 2024, indicating an overall bullish trend. Moreover, recent surge in volume during upward moves has supported the breakout.
(Rajesh Bhosale is a technical analyst at Angel One Ltd. The views expressed are his own.)
First publication: Aug 12, 2024 | 06:34 AM IST