Bull flag breakout
Gujarat Gas stock broke out of a resistance at ₹600 a fortnight ago. This break has confirmed a bull flag pattern on the weekly chart. Also, the stock has been making higher highs and higher lows. Therefore, the probability of a rally from the current level is high. As per the chart pattern, Gujarat Gas stock can appreciate to ₹780. But there is a barrier at ₹750, which it can touch over the medium term.
There is a chance for the price to moderate from here, possibly to ₹550, before the next upswing. So, one can initiate longs now at about ₹600 and buy more shares in case the price dips to ₹560. Place stop-loss at ₹490. Trail this to ₹650 when the stock hits ₹700. Liquidate the longs at ₹750.
Correction set to end
The stock of Ipca Laboratories has been depreciating over the past two weeks. It fell off the ₹1,360 barrier. But now it seems to be finding its feet on the ground. There is a trendline support and 100-day moving average around the current level of ₹1,130, below which is a support at ₹1,050. So, the uptrend is likely to resume anywhere within the ₹1,050-1,130 price band.
A potential rally from the current level can take the stock to ₹1,360. Participants can buy now at around ₹1,130 and buy more shares if the price dips to ₹1,080. Place stop-loss at ₹1,030. When the stock surpasses ₹1,215, revise the stop-loss upwards to ₹1,130. Raise the stop-loss further to ₹1,240 when the stock hits ₹1,300. Exit at ₹1,360.
Signs of bullish reversal
The stock of LTIMindtree has been on the rise since early May after it found support at ₹4,600. This upswing indicates that the scrip is turning the trend bullish after seeing a decline since the beginning of 2024. Substantiating this, the RSI and the MACD on the weekly chart are signalling positive signs. While there is a resistance at ₹5,250, we expect the stock to surpass this level.
Over the next few months, the price can go up to ₹6,300. Buy LTIMindtree stock now at ₹5,100 and accumulate if the price dips to ₹4,900. Place initial stop-loss at ₹4,480. When the stock goes above ₹5,600, raise the stop-loss to ₹5,300. Tighten the stop-loss further to ₹5,750 when the price touches ₹6,000. Book profits at ₹6,300.