Movers & Shakers: Stocks that will see action this week

The stock of Balrampur Chini Mills hit an all-time high of ₹781 on August 20. But then, the price started to drop and it closed at ₹648.65 last week. The chart now shows that the stock has formed a good base at ₹640. Below this is an important rising trendline support at around ₹610. Until these levels hold, the outlook will be bullish. We expect the stock to resume the uptrend either from the current level of ₹648 or after extending the ongoing corrective decline to ₹610. Once the rally resumes, the scrip can surpass the prior peak of ₹781 and touch ₹820. However, a breach of the support at ₹610 can turn the outlook weak, possibly leading to a decline to ₹560.

The stock of Paradeep Phosphates has been in an uptrend since March. It established a rally after finding support at ₹100. In August it broke out of a key resistance at ₹150, a strong indication that the medium-term trend has turned positive. But after hitting a nine-month high of ₹168 on August 28, there has been a moderation in price. However, the stock remains above the crucial resistance-turned-support of ₹150. Also a trendline support lies at ₹145. So, the probability of the uptrend resuming soon is high. On the upside, the stock has the potential to rise to ₹190 over the next few months. In case the support at ₹145 is invalidated, the price might fall to ₹132.

The stock of Prestige Estates Projects has been on a downtrend since July. A couple of weeks ago, it breached the support at ₹1,500, turning the outlook bearish. But since then, there has not been much of a decline, where the stock has largely been flat recently. However, the stock is now hovering near the support-turned-resistance level of ₹1,500, where the 21-day moving average coincides. The likelihood of the price falling from the current level is high. In the near-term, the stock can drop to ₹1,310. A breach of this can trigger a decline to ₹1,200. That said, in case there is a recovery from the current level, a breakout of ₹1,560 can lift scrip to ₹1,740.

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