[Chart of The Week] Stocks With Gas Left In The Tank

One of those names is Indraprastha Gas, hence the title name... Prices met our upside objective at 424 a couple of weeks ago and have since corrected through time, but are now pressing up against all-time highs once again. From our perspective, this indicates that the stock is ready for its next leg higher and suggests being long if we're above 425, with a target near 550.

Click on chart to enlarge view.

Other stocks like Siemens India Ltd. are retesting an important breakout area as momentum tries to stay in its bullish range. If prices can hold above their former highs of 1,500 then we can call this a successful retest and stay long with a target near 1,900. Below this week's low, things get messy.

With the Large-Cap indices like the Nifty 50 pressing up against all-time highs and leadership continuing in areas like Financial Services, it's hard to be bearish Indian Equities. With that being said, we cannot ignore the weak breadth that's being displayed by the underperformance of the equal-weight indices we created relative to the cap-weighted counterparts.

As a result, we think the best way to express this bullish thesis in Equities is to stick with individual stocks that are presenting asymmetric reward/risk opportunities at current levels. Indraprastha Gas and Siemens India Ltd. are just two of our favorite names right now.

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Allstarcharts Team