TCS, Jio Financial To Suzlon: SEBI RA Prabhat Mittal Flags Breakout And Sell Signals Across Sectors

The markets continue to trade in a tight range, as investors watch for developments on the US-India trade deal with just two days to go for the August 1 deadline. 

SEBI-registered analyst Prabhat Mittal shared his outlook on stocks across sectors, flagging crucial resistance, breakout, and reversal levels in an Ask-Me-Anything (AMA) session on Stocktwits on Tuesday. 

Tata Consultancy Services (TCS) 

TCS is making lower tops and lower bottoms in the medium-term chart, which is a negative sign for it. The stock is trading below 20, 50, 100, and 200-day Moving Averages (DMA), which is also a negative sign for the stock. Technical indicator MACD 12,26 also suggests a selling signal for TCS.

Mittal advised that traders can sell this stock only below ₹3,050, with a strict stop loss of ₹3,150 for the target of ₹2,800.

Jio Financial

If Jio Financial shares break ₹400, then they could potentially reach ₹600 and ₹800. He suggested accumulating around ₹250 for the long term.

Life Insurance Corporation of India (LIC)

LIC is trading below the 20 and 50 DMAs. If a crossover above ₹925 holds, it can potentially test ₹1,000. Significant support seen at ₹870 (200 DMA)

Mazagon Dockyard 

Due to profit booking in the defense sector for the last 2 months, Mazagon is trading below 20, 50, and 100 DMAs. Next support is seen at ₹2,595 (200 DMA), with resistance at ₹3,050. If a crossover above ₹3,050 holds, it can potentially test ₹3,700 and ₹4,000. 

Bajaj Housing Finance

Bajaj Housing is making lower highs in the short-term chart and trading below all crucial averages. Major supports are seen at ₹115 and ₹110, with a breakout level at ₹125.

Environ Infra Engineers (EIEL)

EIEL looks good on its technical charts. It is making a higher top and a higher bottom on short-term chart. Mittal identified the accumulation level at ₹240-₹245, with a stop loss of ₹225.

Suzlon

Major support is seen at ₹50 and resistance at ₹70 for Suzlon. Breakout above ₹70-₹72 is likely, with the next target at ₹85-₹87. 

Punjab National Bank (PNB)

PNB is making a higher top and a higher bottom in the short-term chart, which is a positive sign for the stock. He suggested holding it with a stop loss of ₹99 for the target of ₹125 and ₹130.

EMS Limited

EMS stock appears to be range-bound, trading between ₹570 and ₹700 on its chart. It could see a breakout above ₹700, for targets of ₹900 and ₹1,000 in the coming months.

Indian Renewable Energy Development (IREDA)
IREDA stock looks weak on its chart. It is making lower highs and lower lows, and trading below all important moving averages. It could test ₹120 in the coming days, with major resistance seen at ₹187.

For updates and corrections, email newsroom[at]stocktwits[dot]com.