Kunal Kamble, senior technical research analyst at Bonanza Portfolio, has recommended buying shares of Bajaj Auto, Chennai Petroleum Corporation, and Sanathan Textiles based on technical breakout patterns. According to reports from Business Standard, these recommendations are supported by decisive breakouts above key resistance levels, strong bullish candles, and healthy trading volumes. The latest analysis suggests these stocks are attractive buy candidates for positional investors, with sustained breakout levels potentially attracting further buying interest and driving higher prices in coming sessions.
Bajaj Auto has confirmed a decisive breakout above the upper boundary of its long-term rising channel, signalling the continuation of its primary bullish trend. As reported by Business Standard, the breakout is supported by a strong bullish candle, healthy trading volumes, and sustained buying interest, reflecting renewed participation. The stock is trading comfortably above its 20-, 50-, 100-, and 200-day moving averages, indicating strong bullish alignment across multiple timeframes. The RSI has climbed above the 70 mark, highlighting robust momentum and strengthening price action. Sustaining above the breakout zone could trigger fresh buying interest and pave the way for further upside, making the stock an attractive buy candidate for positional investors.
Chennai Petroleum Corporation has confirmed a decisive breakout above the upper boundary of its rising channel, signalling a continuation of the prevailing bullish trend. According to Business Standard, the breakout is supported by a strong bullish candle and notable pickup in trading volumes, reflecting sustained buying interest. The stock is trading comfortably above its 20-, 50-, 100-, and 200-day moving averages, with all key averages maintaining a positive alignment. The RSI has climbed above the 60 mark, indicating improving momentum without entering the overbought zone. Sustaining above the breakout level could attract further buying interest and drive the stock higher in the coming sessions.
Sanathan Textiles has delivered a decisive breakout above a long-term descending trendline, signalling the end of its corrective phase and the beginning of a fresh bullish trend. As reported by Business Standard, the breakout is backed by a strong bullish candle and improving trading volumes, indicating renewed buying interest. The stock is trading comfortably above its 20-, 50-, 100-, and 200-day moving averages, reflecting strong bullish alignment across multiple timeframes. The RSI has surged above the 70 mark, highlighting robust momentum and sustained buying strength. If the stock holds above the breakout zone, it could witness further upside, making it an attractive buy candidate for positional investors.
The technical analysis suggests these stocks are attractive buy candidates for positional investors. According to Business Standard, Bajaj Auto has a buy range of ₹11,000 with a stop loss at ₹10,360 and target of ₹12,320. Chennai Petroleum Corporation offers a buy range of ₹1,308 with stop loss at ₹1,202 and target of ₹1,518. Sanathan Textiles presents a buy range of ₹496 with stop loss at ₹456 and target of ₹577. All recommendations are based on technical breakout patterns and positive momentum indicators across multiple timeframes, with sustained breakout levels potentially attracting further buying interest and driving higher prices in coming sessions.
