irctc shares: F&O Stock Strategy: How to trade Samvardhana Motherson and IRCTC today

It was a damaging begin to the week for the Indian markets as Nifty shaped a robust bearish engulfing candlestick on the every day charts. This correction is on the anticipated strains as Nifty was at considerably larger ranges than its 50-day imply worth. As well as, the uncertainty across the company earrings may play a job sooner or later motion of the market.

Nevertheless, these dips additionally provide a very good alternative and two shares have shaped a robust setup on the charts for additional rally, giving a very good risk-reward ratio.

Analyst: Sheersham Gupta, Director and Senior Technical Analyst at Rupeezy

Samvardhana Motherson- Inverted Head and Shoulder Breakout

The worth degree of Rs 100 was a robust resistance and a psychological degree for Motherson. The inventory touched this degree in August 2023 however couldn’t maintain and corrected 13 % from there.

Nevertheless, within the final month, the inventory has seen shopping for curiosity, taking the inventory above Rs 100. The every day RSI of the inventory is Rs 67 depicting momentum within the inventory.

On the spinoff entrance, shopping for is seen on the decision aspect together with large writing on the put aspect. The max ache is at Rs 103 indicating restricted motion on the draw back.

Thus, it is strongly recommended to purchase Motherson for a goal worth of Rs 116. The cease loss can be at Rs 99 on a closing foundation.

IRCTC- Rounded Backside Sample Breakout

IRCTC, after making a excessive of 1280, corrected about 56 %. The extent of 900 was a robust resistance for the inventory and the inventory tried to interrupt this degree thrice however failed.

Final week, the extent of 900 was breached with good volumes and since then the inventory has been firmly holding above it. The every day RSI of the inventory is 73 indicating energy on the upside.

Choice chain evaluation reveals put writing at strike costs even above the at At-The-Cash (ATM) degree. The max ache is 900 depicting the conviction of the consumers.

Technical evaluation and choice chain knowledge counsel IRCTC generally is a good guess for getting for a goal worth of 1000. The cease loss can be positioned at 875 on a closing foundation.

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(Disclaimer: Suggestions, strategies, views and opinions given by the consultants are their very own. These don’t signify the views of Financial Occasions)