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Astral (₹2,075.3)
Hits record high
Astral stock embarked on an uptrend in April last year, as it found support at ₹1,320. But after rallying to ₹2,000 in three months — June 2023, the uptrend lost momentum. While there was no reversal in trend, the stock started to consolidate. While there has been distribution until now, Astral saw a fresh breakout last week and hit a record high of ₹2,094.95.
The chart now indicates fresh buyers coming in and we anticipate the stock to touch ₹2,500 over the medium term. Buy Astral now at ₹2,075 and accumulate if the price dips to ₹1,920. Place stop-loss at ₹1,750. When the stock rallies past ₹2,300, alter the stop-loss to ₹2,220. When the price rises to ₹2,400, tighten the stop-loss to ₹2,360. Exit at ₹2,500.
Colgate Palmolive (India) (₹2,547.2)
Sharp rally expected
Colgate Palmolive stock has been appreciating steadily since early 2023. It began the rally at around ₹1,450 and last week, it closed at ₹2,547.2. That said, the price action since the beginning of 2024 shows some loss in bulls’ traction. However, the stock remains above both 20- and 50-day moving averages. Notably, in the past, there has been a strong rebound off these averages.
We expect such a move to occur soon where Colgate Palmolive stock price could move up to ₹2,750 soon. Buy now at ₹2,550 and accumulate if the price dips to ₹2,500. Place stop-loss at ₹2,400 initially. Revise this to ₹2,580 when the stock touches ₹2,650. Raise the stop-loss further to ₹2,620 when the share price goes up to ₹2,700. Book profits at ₹2,750.
Dhanuka Agritech (₹1,165.4)
Resumption in uptrend
Dhanuka Agritech stock price fell between mid-January and mid-February this year. That is, its price dropped from about ₹1,290 to ₹1,020. Since the price band of ₹1,000-1,020 offered good support, the downtrend was arrested. The stock regained traction a fortnight ago and crossed over an interim resistance at ₹1,100. This hints that Dhanuka Agritech stock is likely to have resumed the uptrend.
There is a potential for the stock to hit ₹1,500 within a year. One can buy now at ₹1,165 and add more shares if the price dips to ₹1,100. Place stop-loss at ₹990 initially. When the stock surpasses ₹1,300, modify the stop-loss to ₹1,230. When the stock touches ₹1,400, raise the stop-loss further to ₹1,350. Liquidate the longs at ₹1,450.
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