Stocks to buy this week: Tata Motors, HCL Tech, Persistent among 12 technical picks; do you own any?
Click here!) Alkem Laboratories showcased a strong breakout from a medium-term falling channel formation at ₹3,550 level in mid-July on the weekly chart, marked by a powerful bullish candle, indicating a positive bias. The stock retested the upper band of the channel and bounced back sharply, reaffirming the breakout. The stock is displaying a pattern of higher highs and lows on the weekly chart, forming an upward-sloping trendline, indicating a strong uptrend.
The weekly strength indicator RSI given a crossover above its reference line generated a buy signal. "The above analysis indicates an upside of ₹3,865-4,000 levels," said the brokerage firm. On the weekly chart, Canara Bank broke above the multiple resistance zone at 348 in mid-September, rallying to ₹387.
After retesting the breakout area, it bounced back sharply, confirming the continuation of the uptrend. The stock is exhibiting a pattern of higher highs and lows on the weekly chart, forming an upward-sloping trendline, indicating a strong uptrend. The stock experienced a surge in trading volume during the breakout, indicating a substantial increase in market participation at the breakout market participation at the breakout level.
The weekly strength indicator RSI given a crossover above its reference line generated a buy signal. "The above analysis indicates an upside of ₹407-418 levels," said the brokerage firm. Also Read: RIL share price rises 2% after Q2 results; top brokerages remain upbeat on the stock On the weekly chart, HCL Tech surged above the key resistance zone at ₹1,200 in early September, reaching ₹1,311.
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