Profit Ideas for this week

Here's our watchlist for the week of 23rd January, 2023!

BULLISH STOCKS

Cyient limited

Cyient Limited just posted a 37% surge in revenues despite the heavy bearish headwinds in the overall IT sector. This bumper result was achieved on the back of large scale acquisitions conducted by the company in this quarter.

On the technical front, the stock price broke out on the same day, converting its long-term resistance of 860 into new support. Hence, we are bullish on the stock.

MapMyIndia (C.E. Infosystems)

C.E. Infosystems just gave a breakout after repeated divergences with the RSI on the daily charts. It has given an upmove above both the 13-day and 34 day moving averages. Hence, we are expecting the rally to continue.

NTPC Limited

The stock has been trading in a range for quite some time now, with the 13- and 34-day moving averages trading at almost the same levels. This kind of sideways movement in any stock increases the chances of a volatile spring breakout on either side, and based on our indicators, we are leaning towards a bullish breakout.

BEARISH STOCKS

Havells Limited

As per the technical charts, Havell's stock price closed below both of its moving averages on Friday after a convergence. Even though the price rebounded substantially on Monday, it couldn't give a close above the Friday open as well as volumes.

Hence, we are bearish on the stock.

Indus Towers

As Vodafone Idea faces a life-or-death situation and decides to raise funds by selling its stake in Indus Towers, the stock has been collapsing to new 52-week lows for the past few sessions with very strong resistance at its 13-day moving average.

We are bearish on this stock until it breaks its resistance or shows a divergence on the daily or hourly charts.

PVR Cinemas

Even after a good quarterly earnings report and a surge in ticket sales due to the upcoming release of SRK's Pathaan, the company's stock price has decided to take the opposite direction, which is good for investors looking for a buying opportunity at a discount.

On the technical charts, the company's stock price fell below it's long term support 1622 and has not able to cross it even in the next trading session. Hence, we are looking forward to another low before another rally begins.

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Investment recommendations made in Midas Touch Wealth Advisors are for information purposes only and derived from source that are deemed to be reliable but their accuracy and completeness are not guaranteed. Midas Touch Wealth Advisors does not accept any liability for the use of this column for the buying or selling of securities. Readers of this report who buy or sell securities are solely responsible for their actions. The author, his company or his acquaintance may / may not have positions in the scrip’s featured herein.