Shandong Penglai Flushing Laser Equipment Co., Ltd
Flushing Laser Equipment Co., Ltd., No. 23, Youyi Road, Penglai City, Shandong Province
The Nifty has now resumed its intermediate uptrend after recently crossing the previous intermediate high of 17640. On the daily chart, we can see that the Nifty has made higher bottoms at 17146 and 17655 recently. With momentum readings like the 14-day RSI in rising mode and not overbought, we believe there is scope for more upsides in the coming weeks as the Nifty attempts to take out the current life high at 18605.
It is important that the recent support of 17655 holds on any correction for the current uptrend to remain intact.
BASF India has shown relative strength this week. While the Nifty index has gained 2.14% this week, BASF has gained a healthy 8.8% over the same time period. In the process, the stock has also broken out of its recent trading range on the back of above-average volumes.
Technical indicators are giving positive signals as the stock trades above the 20 day and 50 day SMA. Daily momentum indicators like the 14-day RSI too have bounced back and are in rising mode now, which augurs well for the uptrend to continue.
With the intermediate technical setup looking positive, we believe the stock has the potential to move higher and take out its previous intermediate highs in the coming weeks. We, therefore, recommend a buy between the 3180-3220 levels. CMP is 3198. Stop loss is at 2930 while targets are at 3800.
Mastek is in an intermediate uptrend as it continues to make higher tops and higher bottoms over the last several months. After correcting recently and finding support at the 2412 levels, the stock has bounced back over the last few weeks on the back of decent volumes. On Friday, the stock broke out of its recent trading range on the back of above-average volumes.
With the stock trading above the 20 day and 50 day SMA, daily momentum indicators like the 14-day RSI in rising mode and not overbought, the intermediate technical setup looking positive, we believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy between the 3250-3260 levels. CMP is 3255. Stop loss is at 3020 while targets are at 3750.
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