SUNTV
Sun TV has witnessed a sharp run up and has been consolidating in a narrowing range since last three weeks. during this consolidation phase it has formed a Triangle pattern on the daily charts. we expect this consolidation to breakout on the upside. We expect it to target levels of Rs 840 – 855 over the next few weeks. One should keep a stoploss of Rs 740 for long positions.
NMDC
NMDC was trading in a falling channel since last five trading sessions. It has broken out of that channel on the upside indicating trend reversal. Also, it has started to form higher tops and higher bottoms on the daily charts indicating uptrend as per the down theory.
Thus, we expect a recovery in the stock over the next few trading sessions. On the upside we expect levels of Rs 263 – 275. One stock keep as stoploss of Rs 245 for long positions.
(Jatin Gedia is a technical research analyst at Sharekhan by BNP Paribas. Views expressed are his own)
First Published: Jul 02 2024 | 6:34 AM IST
