Godfrey Phillips India continued its uptrend for the fifth consecutive session. Also, it has seen a V-shape restoration, with buying and selling above all key transferring averages (20, 50, 100 and 200-day EMA), which is a optimistic signal.

Given the change in market sentiment to bearish in final two consecutive classes, the Nifty50 may even see some extra correction as much as 18,900, the fast help space held on Friday-Monday, however in case the index rebounds, then 19,100-19,200 would be the space to observe on the upper aspect, specialists stated. On November 1, the Nifty50 declined 90 factors to 18,989 and shaped bearish candlestick sample on the every day charts, whereas the BSE Sensex was down by 284 factors to 63,591.

The broader markets ended flat with a detrimental bias as about three shares declined in opposition to two shares growing on the NSE.

Stocks that have been on patrons’ radar within the weak market situations included Zee Entertainment Enterprises, Godfrey Phillips, and Clean Science and Technology. Zee Entertainment Enterprises, after taking help at 200-day EMA (exponential transferring common), maintained upward journey for 4 consecutive classes with above common volumes on all these days. The inventory has seen breakout of downward sloping resistance trendline on Wednesday, rising 3.3 % to Rs 268 and shaped bullish candlestick sample with higher and decrease shadows on the every day charts.

Godfrey Phillips India climbed over 4 % to Rs 2,361 and shaped robust bullish candlestick sample with minor shadow on the every day scale with above common volumes, persevering with its uptrend for the fifth consecutive session. Also, it has seen a V-shape restoration, with buying and selling above all key transferring averages (20, 50, 100 and 200-day EMA), which is a optimistic signal.

After consolidation in the previous couple of classes, Clean Science and Technology rebounded sharply and shaped wholesome bullish candlestick sample on the every day timeframe with above common volumes. The inventory rose over 3 % to Rs 1,345 and reached the lengthy horizontal resistance trendline, which appears to be essential for additional upmove in direction of the 20-day EMA (Rs 1,356).

Here’s what Jigar S Patel of Anand Rathi Shares & Stock Brokers recommends buyers ought to do with these shares when the market resumes buying and selling at present:

Clean Science and Technology

At the present juncture, the stated counter has a Double Bottom construction precisely close to the help stage of Rs 1,300. Having stated that, because the final 2–3 classes, it has made a Hammer and Inverted Hammer candlestick construction close to the talked about help zone, which is trying profitable.

On the indicator entrance, every day RSI (relative power index) has reversed from 30 ranges, and every day DMI’s (directional motion index) are trying exhausted, which might push the counter to Rs 1,400–1,420 ranges within the coming classes.

One should buy within the zone of Rs 1,340–1,345, with an upside goal of Rs 1,420 and a stop-loss of Rs 1,299 on a every day shut foundation.

Godfrey Phillips

Godfrey Phillips is in a well-established uptrend as it’s buying and selling above all main every day exponential averages. On the indicator entrance, the every day RSI has reversed from 40 ranges, together with the every day bullish cross on DMI, which is trying engaging.

Thus, one should buy within the vary of Rs 2,330–2,350 with an upside goal of Rs 2,500 and a stop-loss of Rs 2,260 on a every day shut foundation.
 

Zee Entertainment Enterprises

After making the highest Rs 290 on August 10, 2023, it has corrected virtually 17 %. Recently, it has taken help close to 200 DEMA (exponential transferring common), reversed fairly properly, and is buying and selling above its earlier swing of Rs 265.

On the indicator entrance, every day RSI has made an impulsive construction close to the oversold zone of 30 ranges. Thus, one should buy within the vary of Rs 265-268 with an upside goal of Rs 300 and a stop-loss of Rs 251 on a every day shut foundation.

Note: Impulsive construction on RSI is a “V” form sample.

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