In the current market, traders need to be careful and not make instant buying decisions.
July 2024 was an important month for Indian markets. The Union Budget was introduced, and the Nifty index increased by 3.92 percent. But, at the start of August, there was a global selloff that made the Indian markets fell.
As expected, the Nifty has already declined by more than 400 points from its highest point, and it might keep going down in the coming week.
From a technical view, the market is showing signs of reaching a height. We believe the Nifty will go down to the 24,600 – 24,400 range soon. If it goes below this range than more selling might happen. If the Nifty closes above 25,000, it might go up again. Given the current situation, traders should be careful and avoid instant buying.
The Nifty Bank index did not perform as well as other indexes. It went above 52,500 but then fell to 50,400. If it closes below 50,400, it might cause concerns in banking stocks. The banking index will only show an upward increase if it goes above 52,000.
Asian Granito has shown a strong breakout from a long downtrend, going above Rs 86. This breakout might signal the start of an upward move. The stock has also formed a bullish Head and Shoulders pattern, which is a good indication of a trend reversal. The increase in trading volumes and positive rate indicators support this breakout.
Traders are recommended to buy Asian Granito within the price range of Rs 88 to Rs 84, with a stop-loss at Rs 76 on a closing basis. The expected price targets are Rs 101 and Rs 106 within the next 1 to 3 months.
Borosil Renewables has been moving sideways above its 200-day Exponential Moving Average (DEMA) of around Rs 480 for several months. Currrently, it broke out from this range, signaling a possible shift in market opinion and momentum. This breakout is supported by a positive crossover of moving averages and an inverse Head and Shoulders pattern, which is showing a strong potential for upward movement.
Traders are recommended to buy Borosil Renewables within the price range of Rs 544 to Rs 536, with a stop-loss set at Rs 480 on a closing basis. The expected targets for this trade are Rs 630 and Rs 660 within the next 1 to 3 months.
RELATED ARTICLES
- How Major US Stock Indexes Fared on October 22, 2024: Mixed Close for Markets
- Starbucks Shares Drop 6% After Preliminary Q4 Results Reveal Declining Sales
- Hyundai IPO Listing Letdown: Do Major IPOs Really Pay Off?
- Sensex Falls Below 80,000, Nifty Slips to 24,450 – What’s Driving the Market Down?
- Paytm Shares Jump 5% After Approval to Onboard New UPI Users
People May Ask
Is BOROSIL RENEWABLES a good buy?
Borosil Renewables shows mixed signs for buyers. Despite five-year returns of over 810%, the company reported a net loss of Rs. 46.89 crore in Q4 2023-24. While its gross profit margin is at 71.5%, the return on assets and equity are negative.
This means some financial instability is there. However, the current technical research suggests a cautious but optimistic view with potential short-term gains.
What is the Future of Borosil Renewables?
The future of Borosil Renewables looks somewhat positive. Experts who study the stock market believe the company’s stock price might increase a bit more this year and even more next year.
In 2024, the stock might increase by about 3% to 5%. By 2025, it could go up by about 35% to 39%. If you buy their stock, you might make some money as the price increases.
What is the Target Price of Bororenew in 2024?
For the year 2024, the stock price of Borosil Renewables is predicted to reach about Rs. 513, Rs. 519, and Rs. 525. These numbers are based on how the stock has been performing recently and some expert predictions.
If the stock price goes to these numbers, it means the company is doing well.
What is the Target Price of Borosil Ltd in 2025?
Looking at 2025, experts believe the stock price of Borosil Ltd could go up even more. They expect the price to reach about Rs. 669, Rs. 678, and Rs. 691.
This means the company is predicted to grow and do better, making the stock more valuable.
