In today’s market analysis, we’ll delve into the technical breakout stocks of Bharti Airtel, Larsen & Toubro (L&T), and Titan Company. These stocks have recently witnessed significant movements and show potential for further upward trends, according to insights from Kunal Kamble Sr, a Technical Analyst at Bonanza Portfolio.
Bharti Airtel: On a Positive Trajectory
Bharti Airtel has recently broken a resistance that persisted for 14 years, reaching around 1125 levels. Analyzing the price action, the formation of higher highs (HH) and higher lows (LH) indicates a positive trajectory. Notably, the stock is trading above both the Fast (50) and Slow (200) Exponential Moving Averages (EMA), signifying an ongoing uptrend.
The Relative Strength Index (RSI) is a key indicator here, showing a breakout from a Symmetric pattern in the upward direction, supporting the positive price action. The Directional Index (DI+) is trading above DI-, indicating an uptrend, and the Average Directional Index (ADX) above both DI’s highlights strength in the move.
Looking ahead, there’s an anticipation of Bharti Airtel continuing its upward trend toward the 1300-1700 levels. Any potential throwback could present an opportunity for investors to enter fresh long positions.
L&T: A Strategic ‘Buy on Dip’ Approach
Larsen & Toubro has experienced a breakout of the Rising Wedge Pattern and has covered nearly 50% of its target move. The steep rise in price suggests aggressive buying, and both the Fast (50) and Slow (200) EMAs are indicating an uptrend.
RSI trading in the higher zone is another positive signal, supporting the overall upward trend. The directional indicators (DI+ above DI-) and ADX above both DI’s further reinforce the strength in the upward movement.
In terms of strategy, a potential dip in L&T’s security, particularly around the 3300 level, could be viewed as an opportunity to enter long positions. The objective is an upward move toward the 3800-4000 levels.
Titan Company: A Breakout with Strong Buying Interest
Titan Company has recently broken out of the Rising Wedge Pattern, accompanied by an increase in volume during the current week. This surge in volume suggests a heightened interest from buyers. Similar to the other stocks, Titan is trading above both the Fast (50) and Slow (200) EMAs, confirming the existing uptrend.
RSI, once again, is in the higher zone, indicating a strong uptrend. The positive trend is reinforced by DI+ trading above DI- and ADX above both DI’s.
For investors considering Titan, buying within the range of 3770-3820 is suggested, targeting an upward move toward 4100-4300 levels.
Conclusion: Key Takeaways for Tuesday Trading
In summary, these technical analyses offer valuable insights for traders considering Bharti Airtel, L&T, and Titan Company. Bharti Airtel presents a compelling case for a continued upward trajectory, with a potential target range of 1300-1700 levels. L&T, having broken out of the Rising Wedge Pattern, encourages a ‘buy on dip’ strategy, eyeing levels around 3300 for an upward move towards 3800-4000. Titan Company, with a breakout and strong buying interest, suggests a buying opportunity in the range of 3770-3820 for a target range of 4100-4300.
As always, it’s crucial for investors to conduct thorough research, consider risk management strategies, and stay informed about market developments before making any trading decisions. The insights provided here are for educational purposes and should be used in conjunction with individual analysis and market awareness.
For traders entering the market on Tuesday, these analyses offer strategic entry points and potential target levels for Bharti Airtel, L&T, and Titan Company. Bharti Airtel’s breakthrough after a prolonged resistance period sets the stage for an extended bullish run. L&T’s breakout from the Rising Wedge Pattern and Titan Company’s volume-backed breakout indicate strong momentum.
Investors should closely monitor these stocks, considering the specified entry ranges and target levels. However, it’s essential to acknowledge the inherent risks in trading and adapt strategies based on real-time market conditions. Stay informed, exercise prudence, and be prepared to adjust positions as the market unfolds.