Mangalore Chemical, Kaveri Seeds are Vinay Rajani’s best business ideas


market view

NSE Nifty found resistance on the downward sloping trend line, adjacent to the previous swing highs on the weekly charts. Trend line resistance is placed somewhere in the range 18100-18150. However, the market positional trend is bullish and therefore dips should be used to initiate new long positions. Nifty support appears in the gap area, formed on April 4, 2022 between 17703 and 17791, where traders can buy towards the upside target of 18200, while keeping the stop loss at 17400.




Mangalore Chemicals and Fertilizers: BUY

Target: 102 rupees

Stop Loss: Rs 86

Last close: 91.30 rupees

The stock broke out of the descending triangle on the weekly chart and the price breakout was accompanied by a jump in volume. The stock crossed the crucial resistance of the previous swing high at Rs 86.60. The weekly MACD is rising and has reached above the balance line. The weekly RSI was also rising with higher tops and higher bottoms. The Chemicals and Fertilizers segment has been outperforming over the past two months. The stock is positioned above all important moving averages, indicating an upward trend on all time frames.


Kaveri seeds: buy

Target: 660 rupees

Stop Loss: Rs 580

Last Close: 601.80 rupees

The breakout of the downward sloping trend line is shown on the weekly charts, and the price breakout is accompanied by a jump in volume. The stock has crossed the previous high of Rs 585 resistance on the weekly chart and is now positioned above all important moving average parameters. Indicators and oscillators such as RSI, DMI and MACD are showing strength in the current bullish movement. The stock is starting to form higher tops and higher bottoms on the weekly chart.


(Vinai Rajani, Technical Research Analyst, HDFC Securities. Opinions expressed are subjective).

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