Siemens stock closed at a new high of INR 5,768 yesterday. The stock formed a long bullish candlestick pattern on the daily timeframe. Moreover, the trading volume has remained healthy in the last three trading sessions.
Siemens has formed a bullish candle above its average volume on the daily chart, indicating a positive sign. The technical setup for Siemens India is looking promising.
On April 22, the BSE Sensex surged by 560 points to close at 73,649, while the Nifty 50 index jumped by 189 points to close at 22,336. The Nifty formed a Dragonfly Doji candlestick pattern on the chart yesterday, signaling indecision amidst bullish and bearish trends in the future market movements. All sectoral indices ended in the green yesterday.
On Monday, Zydus Lifesciences, Hindustan Copper, and Siemens India outperformed the broader market and benchmarks. Zydus Lifesciences surged by 4% to reach Rs 959.7 and formed a bullish candlestick pattern on the daily chart with above-average volume. The stock closed above its 50-day EMA Exponential Moving Average.
Hindustan Copper surged well above the consolidation range of the past six sessions and formed a bullish candlestick pattern on the daily chart with long upper shadows. This indicates selling pressure at higher levels. The stock rose by 4% with heavy volume to reach Rs. 379 and was seen trading above all key moving averages.
With a 3.2% increase, the stock closed at a new level of Rs. 5,768. The stock formed a long bullish candlestick pattern on the daily time frame. Moreover, the trading volume of the stock has been strong in the last three trading sessions. The stock traded above all key moving averages, indicating strong upward momentum.
Here is the information about Zydus Lifesciences, a stock recommended by Waves Strategies Advisors Ashish Kyal:
Zydus Lifesciences (Zydus): Zydus Lifesciences is showing strength. However, it is advised to consider a new purchase only when the stock reaches above 970 rupees and demonstrates strength. In such a scenario, consider buying with a target of 1,015 rupees and a stop-loss at 928 rupees.
Hindustan Copper Hindustan Copper Limited: There is a positive trend for Hindustan Copper as well. Consider buying for a target of 400 rupees in case of a dip. As long as this stock stays above 357 rupees, there is a hope for a bullish trend to persist.
Based on the daily chart, Siemens shows a bullish candle above its average volume, suggesting a positive trend. The technical outlook for Siemens India appears favorable. A strategic approach would be to buy during pullbacks to maximize risk-reward ratio. Look to buy on a dip with a target price of ₹6000. As long as the stock stays above ₹5540, there is a strong chance of more upside potential.