Despite reaching record highs in recent sessions, the market has seen limited gains, constrained by a lack of fresh catalysts. Analysts anticipate that the market might remain range-bound until the Union budget announcement in July. Additionally, the sluggish progress of monsoon rains, mixed global cues, and diminishing hopes for rate cuts this year have decreased investor sentiment.
Kalyan Jewellers
Kalyan Jewellers India has broken out of a nine-month consolidation range between ₹440 and ₹340, indicating a positive trend. The stock’s weekly chart reveals a higher high-low pattern, suggesting a medium-term uptrend. It has found support at the 20-week simple moving average (SMA) and rebounded, setting a short-term support level. The weekly Relative Strength Index (RSI) has crossed above its reference line and breached the falling channel, generating a buy signal.
PVR INOX
PVR INOX is showing signs of a potential bullish shift based on two key technical indicators. Firstly, there’s a bullish divergence on the weekly RSI near the 30 level, indicating a possible momentum reversal despite a declining price. Secondly, the stock has broken through a bearish trendline on the weekly RSI, which had been in place for about seven months. This breach suggests a reversal from a long-term bearish trend to a bullish one. Investors are advised to go long on PVR INOX, purchasing shares in the ₹1,415-1,440 range.
Gujarat Mineral Development Corporation (GMDC)
GMDC has demonstrated a significant recovery, reaching nearly ₹324. It has surpassed both the 200-period moving average at ₹382 and the 50EMA at ₹397, indicating improved bias. With solid volume participation and rising RSI, the stock shows potential for further upward movement. Investors are encouraged to buy with an upside target of ₹460, maintaining a stop loss at ₹385.
Chalet Hotels
Chalet Hotels’ stock has formed a higher bottom pattern on the daily chart, finding support near ₹796. A positive candle pullback followed, surpassing the 50EMA and 100-period moving averages at ₹810 and ₹816, respectively. The RSI indicates a trend reversal and signals a buy, suggesting considerable upside potential. Investors can consider purchasing the stock with an upside target of ₹920, keeping a stop loss at ₹780.
