Weekly Breakouts 01st July 2022

Technical charts give a sense of what is the likely future direction of any stock. The charts are assumed to capture the news and events and factor these in the price. One of the most common ways of identifying stocks with potential upside is reading charts and identifying the trends and price movements. Growing volumes with price breakout indicate greater investor interest and signs of further upward movement in the short to midterm.

This week saw the Nifty 50 end the week 0.34% lower than the last week, not indicating any specific direction for movement. Some stocks have clearly demonstrated this week that they have an upside from here on. These stocks gave a price volume breakout with a potential to head higher in the next few weeks. Based on a propriety analytics, we have identified stocks that have given favourable breakouts on the week ending 01st July 2022.

Chalet Hotels

Chalet Hotels is part of the K Raheja Corp group. It is a developer, asset manager and operator of high-end hotels and a hotel led mixed-use developer in key metro cities in India such as Mumbai Metropolitan Region, Hyderabad, Bengaluru, and Pune. The Company’s portfolio comprises seven fully operational hotels representing 2,554 keys, across mainstream and luxury segments, and four commercial spaces, representing around 0.9 mn sq.ft. Key properties include JW Marriott Mumbai Sahar, Westin Hyderabad and Novotel Pune.

The stock is in an uptrend since the last one year and has given a breakout with a 7.4% gain last week breaking out of a four-month price consolidation. It has potential to reach a price of Rs 365 per share in the near term.

ITC

ITC is biggest cigarettes & second largest FMCG company in India with about 78% of market share in cigarettes & presence in staples, biscuits, noodles, snacks, chocolate, dairy products & personal care products. The company is also present in paperboard, printing & packaging business & agri exports businesses. The company also owns and operates hotels and is currently expanding its hotel portfolio via asset light model.

The stock is in an uptrend since a year and has given a breakout with 16 X volumes indicating a possible higher movement in the near future.

Jamna Auto

Jamna Auto Industries is India’s market leader in automotive suspension solutions and is the second largest producer in the world of multi-leaf springs. It has plants at nine locations in India, each strategically located to service their CV (commercial vehicle) customers. The company was first to introduce parabolic springs in India. Their product portfolio comprises a full range of suspension solutions that serve the CV industry in India.

On the charts, the stock is continuing its uptrend and broken previous resistance level of 120 and is potentially headed towards levels of 150.

Monte Carlo Fashions

Monte Carlo Fashions Ltd. (Monte Carlo) was launched in 1984 by Oswal Woollen Mills Ltd as an exclusive woollen brand and today leads the woollen wear segment in India. The company successfully diversified into all-season cotton wear, home furnishing, kids wear and, most recently, sportswear. Monte Carlo is transforming from being recognised more in the North and East into a pan-India brand. It has also stepped up its online presence offering the entire product range through its ecommerce portal.

The stock is was trading in a wide range for the last six months and has broken the previous resistance of 670 and is likely to headed higher to 840 in the short term.

 

About the Author

Ketan Sonalkar (SEBI Rgn No INA000011255)

Ketan Sonalkar is a certified SEBI registered investment advisor and head of research at Univest. He is one of the finest financial trainers, with a track record of having trained more than 2000 people in offline and online models. He serves as a consultant advisor to leading fintech and financial data firms. He has over 15 years of working experience in the finance field. He runs Advisory Services for Direct Equities and Personal Finance Transformation.

Note – This channel is for educational and training purpose only & any stock mentioned here should not be taken as a tip/recommendation/advice

You may also like: Weekly Breakouts 10th June 2022