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The Indian markets again showed some strength from the lower levels and are refusing to fall any lower than Friday’s low. The small and mid-cap spaces have again outperformed their larger peers, as the trend has been so far,
If you are looking for good long opportunities, here’s a list of 2 stocks that might help you narrow your search.
Aarti Industries Limited
Aarti Industries (NS:) is a specialty chemicals and pharmaceutical company with a market capitalization of INR 16,646 crore. The entire specialty chemical space has been on fire for the last few days and this stock is no different. Today, it surged 4.8% to INR 481.3 and delivered a breakout from a double bottom chart pattern on the daily time frame.
Image Description: Daily chart of Aarti Industries with volume bars at the bottom
Image Source: Investing.com
This is a trend-reversal pattern and is known to change the trajectory of a prior downtrend towards an uptrend. With today’s breakout, the stock also surpassed the resistance of INR 480 which marks the completion of this pattern. On the upside, traders can now eye for INR 515 – INR 520 which is almost equivalent to the pattern’s height added to the breakout level, a target mechanism for this pattern.
Gujarat Pipavav Port Limited
Gujarat Pipavav Port (NS:) is a small-cap company that is engaged in the development and operations of ports, having a market capitalization of INR 5,777 crore. The stock had been trending down since the end of June 2023 and formed a falling channel. This is a classic downtrend pattern in which the stock keeps on bouncing off the resistance and support.
Image Description: Daily chart of Gujarat Pipavav Port with volume bars at the bottom
Image Source: Investing.com
Today, the stock rallied 7.07% to INR 127.95 and soared above the resistance (upper trendline). This breakout was backed by a heavy volume of 14.06 million shares, the highest one-day figure since 27 June 2023. This trend reversal signal denotes an impending rally in the stock which might take it to INR 140.
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