Technical Analysis

What is the long-term outlook for IEX and Navin Fluorine stocks?

Gurumurthy K BL Research Bureau | Updated on November 20, 2021

What is the long-term trend for Indian Energy Exchange (IEX) and Navin Fluorine International?

Ajit Kumar

Indian Energy Exchange (786.15): The outlook for the stock of IEX is bullish. The fall from the high of ₹956 made in October found support at ₹641. The bounce from this low keeps the overall uptrend intact. While this bounce sustains, the stock has potential to target ₹1,200. The stock will come under pressure for a corrective fall only on a break below ₹695. In such a scenario, a fall to ₹540-₹530 is possible. Such a fall will be a good buying opportunity from a long-term perspective. However, on the charts, the chances are looking high to see ₹1,200 on the upside from here rather than a fall to ₹540-₹530.

Navin Fluorine International (3,549.65): This stock is at a crucial juncture with its overall uptrend. There is a sign of top formation in the ₹4,100-₹4,200 region. At the same time, there is a strong long-term support at ₹3,200. The bounce-back from this support seems to lack momentum. So, one has to be cautious as a break below ₹3,200, will indicate a trend reversal and drag the stock down to ₹2,850-₹2,950. In case the stock manages to hold above ₹3,200, a sideways consolidation between ₹3,200 and ₹4,200 is a possibility. Investors can hold this stock with a stop-loss at ₹3,050.

What is the medium-term outlook for Strides Pharma Science?

Aiyaz Ahmad

Strides Pharma Science (499.6): The stock is in a strong downtrend since the beginning of this year. It made a high of ₹999 in January and has tumbled about 50 per cent from there. The outlook remains bearish. Immediate resistance is at ₹550. A fall to ₹450 is possible in the next couple of weeks. From a medium-term perspective the stock can still fall to ₹400 and even ₹350-₹320 in the coming months. Investors holding this stock can exit here. Long-term investors can start buying in small quantity at ₹360 and accumulate more at ₹330. Keep a stop-loss at ₹220 and hold it. A strong bounce from the ₹350-₹320 region may have the potential to target ₹800-₹850 over the long term, say, two-three years.

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Published on November 20, 2021

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