After a recent rally, the market experienced some profit booking on September 18, indicating temporary overbought conditions. Further consolidation may occur, with key support levels at 20,000-19,900. However, if the index surpasses 20,200, it could continue to rise towards the 20,500 mark.
On September 18, Titan Company, Punjab National Bank, and Asahi India were stocks that outperformed the broader market. Titan Company reached a new high with strong gains, forming a long bullish candlestick pattern with high volumes. Punjab National Bank also hit a multi-year high, forming a bullish candlestick pattern with healthy volumes. Asahi India Glass showed a breakout from a resistance trendline and formed a bullish candlestick pattern.
Vidnyan Sawant of GEPL Capital recommends the following actions for these stocks:
Titan Company recently reached an all-time high and maintains these record levels, indicating a strong bullish sentiment for the medium to long term. Technical analysis shows a breakout from an Ascending Triangle pattern and a rounding pattern, both accompanied by higher trading volume. The relative strength index (RSI) momentum indicator remains consistently above the 65 level, demonstrating strong positive momentum. The stock price is expected to continue its upward trajectory, potentially reaching Rs 3,675.
Punjab National Bank
PNB has formed a pattern of Higher Highs and Higher Lows, accompanied by increased trading volume, suggesting significant accumulation and driving price higher. The stock successfully broke out of a Cup & Handle pattern and is trading above both the 12-week and 26-week exponential moving averages (EMA). The RSI is steadily trending upwards, indicating ongoing upward momentum. The stock price is expected to reach a target of Rs 98.
Asahi India Glass
The stock has shown a positive sentiment in its price movement, avoiding patterns of Lower Highs and Lower Lows. It recently broke out of a Cup & Handle pattern and is supported by the 12 & 26-week exponential moving averages. The MACD on the weekly charts remains elevated, indicating continued momentum. Traders and investors are recommended to buy this stock with a target of Rs 692 and a stop-loss at Rs 589.
Note: The information provided by Vidnyan Sawant of GEPL Capital is for informational purposes only and should not be considered as financial advice. Investors are advised to consult with certified experts before making any investment decisions.