Technical Evaluation: Godfrey Phillips India, Gujarat Fuel and HCL Applied sciences

Uptrend is unbroken

Godfrey Phillips’ inventory was tracing a horizontal development within the second half of final yr. It was oscillating between ₹2,020 and ₹2,200. However a fortnight in the past, the inventory broke out of the vary and hit a file excessive of ₹2,646.75 on January 31. What adopted was a moderation in worth the place Godfrey Phillips closed at ₹2,366.30 final week. But, the uptrend stays legitimate. We count on the inventory to see a restoration and admire to ₹3,000 over the medium time period.

So, merchants should buy now at round ₹2,366. Accumulate in case the worth moderates additional to ₹2,220. Preserve preliminary stop-loss at ₹1,950. Increase it to ₹2,500 when the scrip touches ₹2,650. Tighten the stop-loss additional to ₹2,700 when worth reaches ₹2,850. Ebook income at ₹3,000.

Gujarat Fuel (₹582.3)

Outlook turns bullish

The inventory of Gujarat Fuel bounced off the help at ₹400 in October final yr. Whereas it rallied within the subsequent months, the upswing intensified when the calendar turned 2024. Importantly, the inventory appreciated above a crucial resistance at ₹525 almost a month in the past. This has turned the outlook bullish. We anticipate this inventory to increase the upside within the close to future. It will possibly probably hit ₹750. So, one should buy shares of Gujarat Fuel now at round ₹580.

Additionally, if there’s a dip in worth, accumulate at ₹560 in addition to ₹540. Preliminary stop-loss might be at ₹480. Modify the stop-loss to ₹600 if the inventory rises to ₹650. When the worth hits ₹700, exit half of the longs. For the remaining holdings, elevate the stop-loss to ₹660. Totally exit at ₹750.

HCL Applied sciences (₹1,632)

Bull flag affirmation

HCL Applied sciences’ inventory has been in a gradual uptrend since September final yr. It established a rally on the again of the help at ₹1,150. However in mid-January this yr, it misplaced momentum and entered a consolidation part. Final week, it broke out of the vary of ₹1,520-1,580, a bullish signal. The worth motion now resembles a bull flag sample which hints at a rally from the present degree. HCL Applied sciences’ share worth might transfer as much as ₹1,800 within the close to time period.

Therefore, one can go lengthy now at ₹1,630 and add extra longs if the worth softens to ₹1,580. Place stop-loss at ₹1,500 initially. When the worth surpasses ₹1,700, alter the stop-loss to ₹1,650. Transfer the stop-loss additional as much as ₹1,680 when the inventory hits ₹1,750. Liquidate at ₹1,800.