In yesterday’s trade, the market exhibited a mixed trend with the Sensex slipping and the Nifty remaining flat, characterized by low volatility. However, three stocks, namely HEG, TVS Motor, and Thermax, stole the spotlight with their strong bullish moves and breakout patterns supported by notable volumes.
HEG, after experiencing a prolonged decline, entered a consolidation phase from February 2022 to June 2023. In June 2023, the stock gained bullish momentum and successfully broke the downward sloping trendline on significant trading volumes. Presently, a flag and pole pattern is forming, with a potential breakout level at Rs. 1700. A successful crossing of this level could lead to a move towards Rs. 2200-2500, while Rs. 1550 serves as crucial support.
Market Shows Mixed Trend with Sensex Slipping and Nifty Flat
TVS Motor displayed a breakout from the descending resistance trend line, supported by strong volumes adjacent to the highs of June 12 and July 24. The stock formed a long bullish candlestick pattern on the daily chart, surging nearly 6% to Rs. 1384 after taking support at the 50-day EMA in the previous trading session.
Thermax witnessed heavy volume from the May 18 and July 21 highs and achieved a healthy breakout from the descending resistance trend line. The stock formed a strong bullish candlestick pattern with a long upper shadow on the daily chart, closing 7% higher at Rs. 2624.
HEG, TVS Motor, and Thermax Steal the Spotlight with Strong Bullish Moves
According to Viraj Vyas of Aashika Stock Broking, TVS Motor Company continues to show bullish signs, with a potential target of Rs. 1385, advised to place a stop-loss at Rs. 1340. Similarly, Thermax is in an uptrend, expected to move towards Rs. 3000 in the short term, keeping an eye on the June quarter results due on August 1.
As for HEG, its recent bullish momentum resulted in a successful breakout from the downward sloping trendline, forming a flag and pole pattern. A potential breakout level at Rs. 1700 indicates a possible move towards Rs. 2200-2500 levels, with substantial support near Rs. 1550.