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Technical stocks to watch out for Thursday

Vinayak Gangule
·2-min read

Gujarat Gas Ltd: Considering the daily timeframe, the stock has given inverted head and shoulders pattern breakout. This breakout is confirmed by robust volumes. Additionally, the stock has formed Opening Bullish Marubozu candlestick pattern on breakout day, which indicates extreme bullishness. The stock's Relative Strength Index (RSI) has reached its highest value in the last 14-days, which is bullish. Also, it has managed to close above its swing high. Hence, we expect the bias to remain positive as long as the stock sustains above Wednesday’s low of Rs 312.50 level. On the higher side, the level of 332-Rs 334.40 would be seen as the next resistance zone for the stock.

Indusind Bank Ltd: After registering the high of Rs 870, the stock has witnessed minor correction. The correction is halted in near 38.2 per cent Fibonacci retracement level of its prior upward move (Rs 571-Rs 870) and coincides with 8-day EMA level. On Wednesday, the stock has formed sizeable bullish candle. Further, on Wednesday, the volume was recorded above 50-day average volumes, which is a sign of accumulation. Talking about indicators, the 14-period daily RSI is in super bullish zone. The daily MACD stays bullish as it is trading above its zero line and signal line. In case stock sustains above Wednesday’s high then it would invite further buying and it may test its recent high of Rs 870. On the downside, Wednesday’s low of Rs 775 is likely to act as strong support.

L&T Finance Holdings Ltd: Considering the daily timeframe, the stock has given downward sloping trendline breakout along with strong volumes. With this trendline breakout, the stock after a span of over six months has managed to successfully close above its crucial long-term moving average i.e. 200-day EMA. The stock has also managed to close above Upper Bollinger band and started band walk, which is very bullish sign. The daily RSI is currently quoting at 73.90 and it is in rising trajectory. Going ahead, we expect the stock to continue its positive momentum as long as it sustains above Wednesday’s low of Rs 70.10 level. On the higher side, the level of Rs 79, followed by Rs 86 would be seen as the next resistance zone for the stock.