The market is likely to trade within the previous week's range in the short term, with equity benchmarks closing moderately higher on September 4 amid range-bound trading. According to reports from Moneycontrol, market breadth remained positive with 1,808 shares advancing compared to 1,433 declining shares on the NSE. Technical analysts are recommending specific stocks for short-term trading opportunities based on technical chart patterns and momentum indicators.
IFCI is positioned for a potential breakout after surpassing the ₹90-93 resistance zone on a closing basis with huge volumes, indicating resumption of the prior uptrend. As reported by Axis Securities, the stock is well placed above its 20-, 50-, 100- and 200-day simple moving averages, with these averages inching up along with the price rise. The daily and weekly Bollinger Band buy signals indicate increased momentum, while the daily, weekly and monthly Relative Strength Index is in favourable territory. Strategy: Buy with targets of ₹112 and ₹127, stop-loss at ₹95.
Balaji Amines confirmed a breakout from a 'flag' formation at ₹2,455 level on a closing basis with rising volumes, indicating increased participation in the rally. According to Angel One analysis, the stock is well positioned above its 20-, 50-, 100- and 200-day SMAs with these averages inching up along with the price rise. The daily, weekly and monthly RSI is in favourable territory, with strategy: Buy with targets of ₹2,610 and ₹2,720, stop-loss at ₹2,430.
ACME Solar Holdings remains in a structural uptrend with a consolidation breakout signaling resumption of its uptrend, as reported by Teji Mandi Investment Technologies. The stock is recommended for buying around ₹419-415 with targets of ₹480 and ₹500, stop-loss at ₹383. Wockhardt presents a consolidation opportunity after two months of price consolidation, with a Point & Figure support pattern formation near ₹1,850 and a multi-brick breakout on the 3% Renko chart. The recommended entry is around ₹2,088-2,080 with targets of ₹2,300-2,350 and stop-loss at ₹1,769.
Reliance Industries has formed a double bottom at ₹1,250 level with a Leading Diagonal formation and is expected to target the ₹1,377-1,406 zone representing 127.2% and 161.8% Fibonacci extension targets. According to Teji Mandi Investment Technologies, the stock formed an Engulfing Bull candlestick pattern with highest trading volume in ten weeks. Tata Communications is resuming its primary uptrend after retracing towards the 61.8% level at ₹1,645 and is expected to rally towards ₹1,863 with a MACD positive crossover. The stock has started forming higher highs and higher lows on daily charts.
