Over the past few days, we’ve seen the market resolve higher. With the new all-time high in place, we’re seeing one sector witness growing strength.
Energy has been a part of the sectors that have been showing strength for some time now. However, there are a few stocks that are now joining the bandwagon of the ‘breakout express’ and this seems like a good time to jump aboard!
To start off, let’s take a look at the Energy index and see what we’ve got there. Nifty Energy has clocked a new all-time on the Monthly timeframe. Needless to say, that is a big positive! So what are the levels that we’re watching? Well, from a slightly longer-term view (we’re looking at monthly charts, remember?), if Energy continues to chug on higher, we’re looking at a target close to 23,825.
Click on chart to enlarge view.
Now let’s dive into the stocks.
First up, let’s take a look at a recommendation that has come up in our analysis in the past.
Gujarat Gas has been a part of our trade ideas as recently as the Quarterly Playbook. What we’re seeing now, is a resumption in trend. This is the result of Energy breaking out of its minor consolidation. With the current price move that’s coming through, Gujarat Gas is back on our list.
The indicator is in bullish momentum territory and the price has started to make a dash towards its target.
We are bullish above the level of 513, with a target near 713.
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