Amber Enterprises (₹3,652.2)

Set to see a rebound

Amber Enterprises’ share has been rallying steadily since May last year after finding support at ₹1,850. But after hitting a record high of ₹4,615.20 towards the end of January this year, the price started to drop. Post a sharp drop in February, the stock is now trading near a trendline support, which is now at around ₹3,500. Also, the 20-week moving average lies at this level.

So, we expect the scrip to resume the uptrend. It can appreciate to ₹4,400 over the medium term. Traders can buy now at ₹3,650 and on a dip to ₹3,500. Place initial stop-loss at ₹3,200. Raise this to ₹3,750 when the stock hits ₹4,000. Tighten the stop-loss further to ₹3,950 when the price touches ₹4,200. Liquidate the longs at ₹4,400.

Hitachi Energy India (₹6,546.6)

Breaks out afresh

The stock of Hitachi Energy India has been appreciating since October last year. But after the calendar turned 2024, the uptrend lost steam. Although there was no drop in price, the stock moved up very slowly. However, the recent price action, especially that of last week, suggests the bulls are gaining momentum. Also, the scrip saw a fresh breakout last week.

The chart indicates that the price can rise to ₹7,500 over the medium term. One can buy now at ₹6,545 and accumulate if the price dips to ₹6,170. Place stop-loss at ₹5,800 initially. When the price goes above ₹7,000, alter the stop-loss to ₹6,700. On a rally to ₹7,300, exit half of the longs. Hold the remaining position, but tighten the stop-loss to ₹7,000. Exit at ₹7,480.

Rallis India (₹288)

Key resistance breached

Rallis India’s stock has been rising since last May. It established an uptrend on the back of the support at ₹185. However, after reaching ₹260 towards the end of 2023, the uptrend lost momentum. While there was no decline in price, the stock moved across a horizontal path. But it started to regain traction and has been appreciating in the last two weeks. The scrip has now broken the resistance as it closed at ₹288 last week.

Going ahead, we anticipate the stock to reach ₹350, but after a minor corrective decline. Hence, we suggest buying when the price moderates to ₹275. Accumulate if the price dips further to ₹260. Stop-loss can be at ₹230 initially. Shift this up to ₹280 when the stock hits ₹300. Exit at ₹350.