Stock Pick For Tuesday, June 22, 2021

  • by THO
  • 3 months ago
  • news
  • 1

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In the previous session, we have seen a gap down opening in the market. However, in the rest of the session index recovered gradually from intraday lows near 15505.65 levels. The Index closed the day with a net gain of 63.15 points. A strong bullish candle was formed on the daily chart. Now the level of 15450 will act as an important support for the index. As we have entered in a week of Monthly expiry, we recommend continuing to approach the markets in a highly stock-specific way.

Market will enter into positive zone if it manages to close above 15767 for and 34914 for . Traders can initiate fresh long positions if the market closes above these levels. Following Stock has seen a Technical Breakout and traders can go long at dips this stock.

Venkys India Ltd (NS:)

NSE: VENKEYS   BSE:523261  Sector: Miscellaneous

Venkys India is one of the major egg producers’ companies in India. It has almost 100% market share in supplying specific pathogen-free eggs (SPF) and supplies to the Serum Institute of India. In the last trading session, the stock closed with a gain of 8%. Technically, the stock formed a strong bullish engulfing pattern at higher levels. Spotting an engulfing pattern in an uptrend indicates that the ongoing trend will continue. In Addition, the stock has decisively broken the Symmetrical triangle formation on the chart. As per Band Bollinger indicator, prices closed near upper Bollinger which indicates short term bullishness in stock.

In short, the overall outlook for Venkys will remain positive using pullback as a buying opportunity for the move towards 3000/3200 levels. A throwback can be expected near 2800 levels. This outlook is valid as long as the 2590 level remains protected on the downside.

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