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CG Power and Industrial Solutions (₹514.4)
Likely to recover post a dip
The stock of CG Power and Industrial Solutions broke out of a resistance (₹480) a couple of weeks ago. But after hitting a record high of ₹556.6 a few sessions ago, the stock price moderated. Going ahead, we expect it to recover as the broader trend remains bullish. That said, we might see its price softening further to ₹480 before establishing the next leg of uptrend.
The chart shows a potential for a rally to ₹600. So, participants can go long on this stock at the current level of ₹514. Buy more shares in case the stock price dips to ₹480. Place initial stop-loss at ₹440. When the stock surpasses ₹560, move the stop-loss up to ₹530. Liquidate the longs at ₹600.
Cyient (₹2,165)
Breaches a trendline resistance
Cyient’s stock appeared weak since the beginning of 2024. However, ₹1,900 offered a good support. Last week, the scrip appreciated, leading to a break of a trendline resistance. The price action indicates that Cyient’s stock is set to go up further. Yet, there is a good chance for the price to soften to ₹2,040 before the stock goes beyond ₹2,270.
Over the next few weeks, we expect the price to hit ₹2,400. So, traders can buy now at ₹2,165 and accumulate when the price drops to ₹2,040. Keep initial stop-loss at ₹1,950. Raise this to ₹2,140 when the price rises above ₹2,270. Tighten the stop-loss further to ₹2,280 when the stock touches ₹2,350. Exit at ₹2,400.
Prestige Estates Projects (₹1,290.4)
Bull trend resumes
The stock of Prestige Estates Projects began to rally three weeks ago after finding support at ₹990. It rallied and crossed over a barrier at ₹1,230 last week. Thus, the stock appears to have resumed the uptrend, after staying benign this year until mid-March. In the forthcoming sessions, we anticipate the stock to dip to ₹1,230 and then see a recovery, potentially to ₹1,540.
Therefore, one can buy this stock now at ₹1,290 and accumulate when the price slips to ₹1,230. Place initial stop-loss at ₹1,120. When the stock rises past ₹1,415, revise the stop-loss to ₹1,315. Further, tighten the stop-loss to ₹1,430 when the price touches ₹1,500. Book profits at ₹1,540.
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