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Charts of the Day - 24th Sept 2021 | SwingTrader India

September 24 2021 | Reading Time: 5 minutes

  • The stock is in a bullish trend and has broken out  of a 31-week cup- with-  handle pattern,  with above average volume. It has  formed a tight area on the weekly chart.
  • The momentum indicator RSI is trending upward with a positive crossover. MACD also suggests a bullish trend in this stock. 
  • Despite the underperformance of Banknifty, the quality stocks from this space are slowly and steadily gaining momentum.
Mahindra & Mahindra

  • This stock bounced  off its strong support area in the range of Rs 720  –730 and now has given a breakout above the downward sloping trendline connecting the high of February 2021 to August 2021 on the daily chart.
  • Further, the stock has formed an “Morning  star” candlestick pattern and has  retaken its 200-EMA as well.
  • Likewise, the Auto Index is also showing some upward acceleration. Sustainable trading above 10,600 levels may turn more bullish. 
Apollo Hospital

  • This outperforming stock has now formed a “double  top” price pattern on the daily chart along with some price - momentum  divergence on RSI.
  • Also, today this stock has formed a “bearish engulfing” candlestick today on above  more than average volume, along with negative crossovers on RSI and, MACD.
  • Now, sustainable trading below today’s low may turn more negative in the coming days.
Cera Sanitaryware

  • This stock is trending in a bullish trend on a multi- time frame charts as the price of this stock is trading above all key moving averages. 
  • Also, the stock was trading sideways for the last two weeks along its 100-DMA. and  Also, it has positive crossovers on RSI and MACD.
  • Today, it has formed a big bullish candle and broke out from a 15-week consolidation pattern with above average volume.
Blue Star

  • The stock has been trading in a 27-week consolidation with a negative bias. However,   it has turned  positive over the last few weeks  after reclaiming its long- term moving average (i.e., 200-DMA) and taking support around that level.
  • Today, the stock broke out from a downward sloping trendline connecting the highs of March 2021 and September 2021 on the daily chart. 
  • The momentum indicators RSI and MACD are also trending in an upward slope, indicating a bullish trend in this stock.
Jb Chemical and Pharmaceutical

  • The stock has been trading in a 12-week consolidation pattern. Today, the stock retook its 50-DMA along on above average volume.
  • Apart from reclaiming its 50-DMA, the stock broke out from a downward sloping trendline connecting the highs of April 2021 and September 2021 on the daily chart.
  • This stock is in a strong bullish trend on a higher time frame chart.

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