Target: 1,180 rupees
Stop Loss: Rs 980
In recent sessions, Cummins India confirmed a multi-year breakout above the Rs 1050 mark and closed above the same level. If we move by the monthly line chart, it can be seen that the stock is about to confirm a major breakout if the month closes above the 1,000 mark.
The current price action indicates a strong possibility to close the month above the Rs 1000 mark. In this scenario; The doors will open for an uptrend towards Rs 1,300 – Rs 1,400 in the coming months. thus; Short-term traders are advised to buy stocks in the range of Rs 1050 – 1030 with a stop loss of Rs 980 on the close of a potential upside target of Rs 1180 in the next 1-2 months.
Target: 340 – 370 rupees
Stop Loss: Rs 270
Since October 2021; Delta Corp was consolidating broadly in the range of Rs 310 to Rs 240. In recent sessions, the stock confirmed a breakout from this range and that too with huge volumes. In the process, the stock managed to remove several other resistance along with the breakout in the RSI. even in the short term; Theoretical target comes around the Rs 340 mark and in the medium term; The stock is preparing to move towards the Rs 400 mark due to the bullish breakout on the monthly chart.
Hence the traders who hold the stock should continue to keep the same for the stated objectives. for a new entry; One can collect stock on dips between Rs 310 – Rs 300 with a stop loss of Rs 270 for an upside target of Rs 340 – Rs 370 in the next 2-3 months.
(Mehul Kothari – AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Opinions are subjective.)