Movers & Shakers: Stocks that will see action this week | Popgen Tech
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Colgate Palmolive (I) (₹1,581.8)
It may see a price increase
Barring a temporary dip to ₹1,470 in June, Colgate Palmolive stock has been largely consolidating between ₹1,550 and ₹1,665 since April this year. The support at ₹1,550 is holding well as the stock has recovered from the low of ₹1,542.6. As such, there is a good chance to see a rise in the upper range of ₹1,665 in the next week or two.
Therefore, for the short term, traders can consider buying the stock at the current level with an initial stop-loss at ₹ 1,540. We recommend a dynamic stop-loss for this trade. That is, move the stop-loss up by an interval of 1.5 times the average daily true range (ATR) as and when the stock moves up. Note that this adjustment is only on the upside and not when the price falls. Book profits when the stock touches ₹1,665.
Metropolis Healthcare (₹1,295.3)
Cool low hits
Metropolis Healthcare stock has been in a downward trend since the beginning of this year. While the support at ₹1,360 has been giving the stock some breathing room since June, the bears finally breached it last week, opening the door for a further fall to ₹1,080 in the next two to three months. .
That said, there is a possibility that the stock will test the support-turned-resistance level of ₹1,450 from here. So, consider starting shorts at the current level of ₹1,295 and add more shorts if there is a move to ₹1,360. Place a stop-loss at ₹ 1,450 initially. It dropped to ₹ 1,300 when the scrip dipped below ₹ 1,180. Tighten it further to ₹ 1,220 when the price falls below ₹ 1,120. Liquidate all shorts at ₹ 1,080.
PNB (₹56.75)
It can see a correction
Punjab National Bank (PNB) stock has been on an uptrend since July. After hitting a new 52-week high of ₹62, the price dropped sharply. A bearish pin bar has been formed on the weekly chart. Price action shows some selling pressure between ₹58 and ₹60.
So, although the overall trend is up, we expect the stock to see a corrective decline, possibly to ₹50. Therefore, one can short the stock at the current level of ₹56.75 and add more shorts if the price moves up to ₹59 so that the average short price is around ₹58. Place a stop-loss at ₹62 for -first and revise it to ₹58 when the price falls below ₹54. On fall to ₹52, tighten stop-loss further to ₹56. Exit at ₹50.
