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Trade Spotlight: How should you trade Rain Industries, IFCI, Cemindia Projects, Supriya Lifescience, Thermax, and others on June 1?
Trade Spotlight: How should you trade Rain Industries, IFCI, Cemindia Projects, Supriya Lifescience, Thermax, and others on June 1?
About this update from Ifci Limited
Equity benchmarks witnessed a 1.5 percent correction on May 29, extending their weakness for a third straight session. Market breadth turned negative, with about 2,081 shares declining against 925 advancing shares on the NSE. The market may consolidate further as long as it remains below short-term moving averages, with support placed at the May low. Below are some short-term trading ideas to consider:Rajesh Palviya, Senior Vice President Research (Head of Research) at Axis SecuritiesSamvardhana Motherson International | CMP: Rs 145.74Samvardhana Motherson International reached an all-time high of Rs 151, reflecting strong bullish sentiment. The stock is in a strong uptrend across all time frames, forming a series of higher tops and higher bottoms, indicating a sustained bullish trend. With the recent week's close, the stock broke out above a one-year down-sloping trendline at the Rs 135 level, accompanied by huge volumes.The stock is well placed above its 20-, 50-, 100-, and 200-day simple moving averages (SMAs). These averages are also trending higher alongside the price, further confirming bullish sentiment. Daily and weekly Bollinger Band buy signals indicate increasing momentum.Strategy: BuyTarget: Rs 155, Rs 168Stop-Loss: Rs 140Rain Industries | CMP: Rs 188.07Since August 2021, Rain Industries had been in a downtrend. However, with strong gains during the current month and huge volumes, the stock has decisively surpassed a down-sloping trendline resistance on a closing basis.The stock is well placed above its 20-, 50-, 100-, and 200-day simple moving averages (SMAs). These averages are also moving higher with the price rise, reaffirming bullish sentiment. Weekly and monthly Bollinger Band buy signals indicate increasing momentum.Strategy: BuyTarget: Rs 205, Rs 220Stop-Loss: Rs 170IFCI | CMP: Rs 68.53On the weekly chart, IFCI broke out above multiple resistance levels around Rs 66. Strong rising volumes over the past three to four weeks indicate increased participation. The stock is well placed above its 20-, 50-, 100-, and 200-day simple moving averages (SMAs). These averages are also inching higher with the price rise, reaffirming bullish sentiment.The daily, weekly, and monthly Relative Strength Index (RSI) remains in favourable territory, indicating rising strength across all time frames.Strategy: BuyTarget: Rs 75, Rs 85Stop-Loss: Rs 66Aditya Thu...