What is the outlook for Castrol India? I have bought this stock at ₹270.
Ankush Jain
Castrol India (₹265):The outlook is bullish. The stock has been in a strong uptrend since June last year. This rally has clearly reversed the prolonged downtrend that was in place since 2015. Support is in the ₹235-230 region. Below that, ₹210-200 is the next important support zone. As long as the stock remains above ₹200, there is no threat for the uptrend. Moving average cross-overs on the monthly chart strengthens the long-term bullish case.
It indicates that the downside could be limited. We see high chances for the stock to sustain above ₹230 itself. Castrol India share price has potential to target ₹360 over the next one year. You can accumulate on dips at ₹240. Keep a stop-loss at ₹190. Trail the stop-loss up to ₹270 when the price goes up to ₹300. Move the stop-loss further up to ₹310 when the price touches ₹330. Exit the stock at ₹360.
What is the outlook for Ujjivan Small Finance Bank? I have bought this stock at ₹44.
Shankar
Ujjivan Small Finance Bank (₹44): The stock has been in a strong downtrend since December last year. It touched a low of ₹41 a couple of weeks ago and has bounced from there. This level of ₹41 is a crucial long-term trendline support. So, if the stock manages to sustain above this support, the bias could turn positive going forward. In that case, Ujjivan Small Finance Bank share price can go up to ₹50-51 by this year-end.
An eventual break above ₹52 will be bullish from a long-term perspective. Such a break can take the share price up to ₹60 and higher thereafter. Assuming that the support at ₹41 will limit the downside going forward, you can hold the stock. Keep a stop-loss at ₹39. Move the stop-loss up to ₹46 as soon as the stock goes up to ₹48. Exit the stock at ₹51. The stock will come under pressure if it declines below ₹41. If that happens, a fall to ₹32-30 can be seen.
What is the outlook for Goa Carbon?
GK Gosh
Goa Carbon (₹817): The share price has risen back sharply over the last couple of weeks. However, the resistance, now in the ₹800-850 region, is holding well. Support is at ₹695. It will have to be seen if the stock sustains the current bounce or not. A decisive break above ₹850 will be bullish to revisit ₹1,000-levels. But if the stock falls from here, the chances are high for it to break ₹695. Such a break can take Goa Carbon share price down to ₹620-610 initially. An eventual break below ₹610 can then take the share price further down to ₹560-550 over the next couple of quarters.
The price action in the ₹560-550 region will need a close watch. A strong bounce from this support and a subsequent rise past ₹700 will be bullish. Such a rise will have the potential to take Goa Carbon share price up to ₹1,100 over the long term. But this bullish view will go wrong if the stock declines below ₹550. If that happens, there is a danger of seeing a steep fall towards ₹400. For now, the stock is not looking convincing to take any trade. We will have to allow for a fall to ₹550 and then watch the price action to take a call.
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Published on August 31, 2024
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