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

Disclaimer: This document is not intended for anyone other than the recipient. The contents of this document may not be reproduced or further distributed to any person or entity, whether in whole or in part, for any purpose. If you have received the publication in error please notify the sender immediately. If you are not the named addressee, you should not disseminate, distribute or copy this document. You are hereby notified that disclosing, copying, distributing or taking any action in reliance on the contents of this information is strictly prohibited. All non-authorised reproduction or use of this document will be the responsibility of the user and may lead to legal proceedings. This document has no contractual value and is not and should not be construed as advice or as an offer or the solicitation of an offer or a recommendation to take action in consonance in any jurisdiction. Finwizard Technology Private Limited (“Fisdom”) makes no guarantee, representation or warranty and accepts no responsibility or liability for the accuracy or completeness of the information and/or opinions contained in this document, including any third party information obtained from sources it believes to be reliable but which has not been independently verified. In no event will Fisdom be liable for any damages, losses or liabilities including without limitation, direct or indirect, special, incidental, consequential damages, losses or liabilities, in connection with your use of this document or your reliance on or use or inability to use the information contained in this document, even if you advise us of the possibility of such damages, losses or expenses. Fisdom does not undertake any obligation to issue any further publications or update the contents of this document. The information stated and/or opinion(s) expressed herein are expressed solely as general commentary for general information purposes only and do not constitute advice, solicitation or recommendation to act upon thereof. Fisdom does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. The information contained within this document has not been reviewed in the light of your personal circumstances. Please note that this information is neither intended to aid in decision making for legal, financial or other consulting questions, nor should it be the basis of any investment or other decisions. Fisdom may have issued other similar documents that are inconsistent with and reach different conclusion from the information presented in this document. The relevant offering documents should be read for further details. You should make such researches/inspections/inquiries as it deems necessary to arrive at an independent evaluation of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks involved. Fisdom makes no representations that the offerings mentioned in this document are available to persons of any other country or are necessarily suitable for any particular person or appropriate in accordance with their local law. Among other things, this means that the disclosures set forth in this document may not conform to rules of the regulatory bodies of any other country and investment in the offer discussed will not afford the protection offered by the local regulatory regime in any other country. Past performance contained in this document is not a reliable indicator of future performance whilst any forecasts, projections and simulations contained herein should not be relied upon as an indication of future results. The historical performance presented in this document is not indicative of and should not be construed as being indicative of or otherwise used as a proxy for future or specific investments. The relevant product documents should be read for further details. Fisdom does not undertake any obligation to issue any further publications to you or update the contents of this document and such contents are subject to changes at anytime.

Fisdom Research

Share
Published by
Fisdom Research
Tags: Weekly Picks

Recent Posts

Expert Recommended Stocks

Thank you for showing interest in taking a BTST position using our Delivery Plus product.…

2 months ago

Congratulations! Your 30-minute FREE session is confirmed.

Thank you for showing interest in the consultation on trading strategies!Our expert will reach out…

5 months ago

How to sell shares of unlisted companies?

Even if you are a new participant in the stock market, the process of buying…

11 months ago

Interest Coverage Ratio – Meaning, Types, Interpretation & Importance

A company’s debt position can be gauged using the interest coverage ratio or ICR. This…

11 months ago

Muhurat trading timings 2023-24: Indian stock exchanges

Muhurat Trading, a cherished tradition in the Indian stock market, takes place on Diwali, the…

11 months ago

Best Gold stocks to invest in India 2023

All that glitters is not gold, this is a saying that we have heard for…

11 months ago