Categories: Weekly Pick

Weekly Picks 01st July 2024

1. JK TYRE LTP 429

CounterJK TYRE LTP 429
CallBuy on dip
Target 1463
Target 2489
Stop Loss388
Time Horizon2-3 weeks
Notes50% at dip near 420

JK Tyre & Industries Ltd is an Indian company involved in the development, manufacturing, marketing, and distribution of automotive tyres, tubes, flaps, and related products under the brands JK Tyre, Vikrant, and Tornel. The company’s tyre offerings include Truck/Bus Radial and Bias tyres, Passenger car radials, 2/3 wheeler tyres, Light Commercial Vehicle (LCV) and Small Commercial Vehicle (SCV) Bias and Radial tyres, Off-Highway Tyres (OTR and Farm), as well as specialty tyres for racing, military and defence, industrial, and farm applications. The group operates in India, Mexico, and other countries, with India accounting for the majority of its revenue.

Previous Close393.80TTM EPS30.16
52 Week High553.95TTM PE14.25
52 Week Low188.30P/B3.59
Sector PE28.55Mkt Cap (Rs. Cr.)11,204
(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

(Source: Fisdom research)

  • JK TYRE has given a falling wedge pattern breakout on a weekly time frame.
  • Stock has taken support on 50 EMA on weekly and trading above all major EMA.
  • Volumes have raised above average on the breakout, confirming the breakout.
  • Momentum indicator RSI has moved above 55 levels and broke the consolidation on a daily time frame.
  • MACD has crossover indicating a change in momentum to upside.
Invest Now

2. RELIANCE LTP 3,130

CounterRELIANCE LTP 3,130
CallBuy on dip
Target 13,290
Target 23,400
Stop Loss2,950
Time Horizon2-3 weeks
Notes50% at dip near 3,100

Reliance Industries Ltd is involved in hydrocarbon exploration and production, refining and marketing, petrochemicals, financial services, retail, and communications. The company operates through five principal segments: Oil to Chemicals (O2C), Oil and Gas, Retail, Digital Services, and Financial Services.

Reliance’s refineries, located in western India, produce a variety of petroleum products used as fuel variants, feedstock, and fuel for power and cement plants. These fuels are exported to several countries and can be processed into any grade of gasoline or diesel. The Oil to Chemicals segment, which generates the majority of the company’s revenue, encompasses refining, petrochemicals, fuel retailing through Reliance BP Mobility Limited, aviation fuel, and bulk wholesale marketing.

Previous Close3,061.10TTM EPS102.90
52 Week High3,162.0TTM PE30.43
52 Week Low2,220.30P/B2.49
Sector PE19.77Mkt Cap (Rs. Cr.)21,18,305
(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

(Source: Fisdom research)

  • RELIANCE has given a DARVAS BOX breakout on a weekly time frame.
  • Momentum indicator RSI (14) has given a triple bottom breakout on the weekly time frame and has sustained above 55 levels.
  • Stock is trading above major EMA thus confirming overall bullish view.
  • MACD is giving a positive crossover and is above its polarity confirming the overall trend.
Invest Now

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