Trade Spotlight | Your strategy for Nykaa, Welspun India, Tejas Networks today

Bulls retained their tight manipulate over Dalal Street for 4 days in a row, taking the benchmark indices to a 4-week excessive on April five, aided via way of means of FMCG, technology, pharma, banking & monetary services, and pick out metallic stocks.

The BSE Sensex rose almost six hundred factors to 59,689 and the Nifty50 climbed round a hundred and sixty factors to 17,557 and shaped a protracted bullish candlestick sample at the every day charts.

But the wider markets have been jumbled together trade, with the Nifty Midcap one hundred index last flat, and Smallcap one hundred index growing seven-10th of a percentage however the breadth remained very robust for but any other consultation. About 3 stocks superior for each falling proportion at the NSE.

Stocks that have been in motion blanketed FSN E-Commerce Ventures (Nykaa) which rallied almost eight percentage to Rs 136.sixty five and shaped a protracted bullish candlestick sample at the every day charts, after taking guide at round Rs 121-122 stages withinside the preceding consultation and defended the rock bottom of Rs 120.70 on January 23 this year.

Welspun India clocked extra than five percentage rally for the second one consecutive consultation to Rs seventy one, the very best last stage considering the fact that February 17 this year. The inventory has shaped a sturdy bullish candlestick sample at the every day scale for but any other consultation, creating a better pinnacle better backside formation for the 0.33 instantly consultation.

Tejas Networks stocks climbed 2.five percentage to Rs 623 and shaped a protracted bullish candlestick sample at the every day scale with above-common volumes, persevering with the uptrend for the 5th day in a row. The inventory traded notably key transferring averages (21, 50, one hundred and 200-day EMA - exponential transferring common).

Tejas Networks

For the remaining couple of months, the stated counter has been buying and selling in quite a number Rs 560-640 stages. A easy breakout is wanted for sparkling longs. So, except we don`t get a decisive near above Rs 645 on a every day scale sparkling longs aren't endorsed.

If a person has already bought, it's far endorsed to ee-e book partial earnings withinside the variety of Rs 630-640 as it is able to act as a stiff resistance.FSN E-Commerce Ventures

After registering a pinnacle of Rs 429 on November 26, 2021, the stated counter has been making decrease pinnacle decrease backside systems which ended in a seventy one percentage reduce in rate. At the contemporary juncture, it has made a clean Bullish Bat sample close to Rs 125-126 stages which is asking rewarding buy.

Also, it's far followed via way of means of an impulsive shape at the every day scale of RSI close to oversold stages of 30 accordingly complementing the bullish stance withinside the counter in close to terms.

One should purchase in small tranches round Rs 136-137 and any other round Rs 130-131 for an upside goal of Rs 151, preserving the stop-loss at Rs 125.

Welspun India

Since the remaining 2 buying and selling sessions, the stated counter has witnessed huge shopping for interest. Moreover, on a every day scale, it has shaped a bullish bat round Rs sixty five-sixty seven stages.

Even furthermore exciting component to look at is the bullish everyday divergence on a every day scale of the RSI precisely close to our reversal quarter of Rs sixty five-66. Having stated that there's a trendline smash in every day RSI and rate motion (confer with the chart).

One should purchase withinside the variety of Rs 68-seventy two with an upside goal of Rs 86 and stop-loss could be Rs sixty one on a every day near basis.