Hot Stocks | Action Construction Equipment, Brigade Enterprises, Suprajit Engineering can give double-digit return in short term. Here’s why
Kairi brown
2 min read
Hot Stocks | Action Construction Equipment, Brigade Enterprises, Suprajit Engineering can give double-digit return in short term. Here's why
During last week, Nifty50 managed to close above important resistance from 20 weeks EMA (exponential average moving), first after the week ended April 13, 2022, at 16,243.
From the new basis – new from 15,183 – low made on June 17 – The Nifty has registered 1,569 points to 16,752. During this rally, the index has succeeded in surpassing the important resistance of EMA 200 days. Nifty is placed above EMA 20, 50, 100 and 200 days, which shows bullish trends on all time frames.
Weekly RSI (relative strength index) for nifty has reached above 50 and its signal line, which shows strength in the trend up position. Daily ADX (average direction index) has turned north but is still placed at the age of 16, far below the level of extreme momentum. With the increase in ADX and +at the top of the daily graph, we can expect a benchmark to extend the benefits of the current level.
In the futures index segment, FII covered their shorts during the last week, where their clean long-to-short ratio had risen to 0.83 from the level of 0.17, the highest since June 1, which was very good for the market in a few weeks next. In the option segment, a good open flower call ratio has increased sharply behind aggressive writing at 16,300-16,500. This level also coincides with EMA 20 weeks placed on 16,243. Therefore, our advice is to remain bullish for the good.
However, because Nifty has reached near the previous swing of 16,800 high resistance, we must not rule out the possibility of a small correction to the level of direct support of 16,500.
Above 16,800, nifty can move towards 16,994 and 17,422 levels. Long time must be protected by stopping 16,300 in Nifty50.
The stock price has broken down on a daily graph which is closed at three highest months. Primary and medium-sized trends in stock are positive because they are traded above the average movement that is very important.
The RSI oscillator is in rising mode and placed above 60, showing the strength in the current trend. Plus traded above the minus while the ADX line is placed above 25, showing the stock tends to collect momentum in the coming days.
The stock price has broken from the symmetrical triangle on the weekly chart. Short -term and medium -term trends are positive because they are traded above the important moving average.
Momentum oscillators – RSI (11) and LKM (Money Flow Index – 10) have been placed above 60 and tilted upwards, showing strength in the current trend in stock increase. Plus traded above the minus while the ADX line has crossed 25 levels, showing momentum in the current uptrend.
The stock price has broken down on a daily graph which was closed at the highest level since May 2, 2022. The stock price has broken from the downward trend line, side by side with the highest April 22 and July 7, 2022.
Stock trends are positive because they are traded above the average moving moving. Plus traded above the minus while the ADX line is placed above 25, showing the stock tends to collect momentum in the coming days.
