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Breakout stocks: JK Lakshmi Cement, Karnataka Bank can zoom up to 8% ahead

There has been a breakout in Karnataka Bank from downward sloping trend line on the daily chart. Price breakout is accompanied by rising volumes, as per Vijay Rajani

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Illustration: Binay Sinha

Vinay Rajani Mumbai

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Nifty View

Nifty has been consolidating in a narrow range for last three sessions. Primary trend of the index is bullish as it has been holding above all important moving averages.

On the upside 22,600-22,700 could act as an immediate resistance, while 22,200 could offer support for the short term.

Buy JK Lakshmi Cement | Last close: Rs 948 | Target: Rs 1023 | Stop-loss: Rs 878

The stock price has broken out from the consolidation, which it held in last three weeks. Price breakout is accompanied with a jump in volumes.

50 DEMA has been acting as a bullish reversal point for the stock for mast many weeks. Primary trend of the stock is bullish with higher tops and higher bottoms on the weekly charts. Cement Stocks have been outperforming for last couple of months.

Buy Karnataka Bank | Last close: Rs 252 | Target: Rs 268 | Stop-loss: Rs 237

There has been a breakout from downward sloping trend line on the daily chart. Price breakout is accompanied by rising volumes.

Primary trend of the stock has been bullish with higher tops and higher bottoms on the weekly chart. The ctock is placed above all important moving averages, indicating bullish trend on all time frames.

Indicators and oscillators have been showing strength in the current uptrend.

Disclaimer: Vinay Rajani is CMT and Senior Technical & Derivative Analyst at HDFC Securities. He does not have any financial interest in the stocks mentioned above. 

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First Published: Mar 06 2024 | 7:11 AM IST

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