Technical Picks to Keep an Eye On: Narayana Hrudayalaya and Honasa Consumer

Technical analysis identifies Narayana Hrudayalaya and Honasa Consumer as upside potential stocks. Both stocks have displayed promising structures and technical setups, including price volume contraction, and the potential to bounce back and breakout. Currently trading at Rs 1,275.75 and Rs 424 respectively, their price aligns with positive signals from technical indicators like RSI and ADX, suggesting a likely breakout scenario.

Narayana Hrudayalaya Ltd 

The daily chart of Narayana Hrudayalaya Ltd.

On the daily chart, Narayana Hrudayalaya is presently showing a promising picture; the stock price is bouncing from a long-term trendline. The stock price may resume its strong momentum-up in the coming trading sessions if it crosses and closes above the resistance marked on the chart, with the support of decent volume compared to the current volume. Volumes are dry right now and likely to rise soon.

Those considering a possible trade in Narayana Hrudayalaya might purchase the stock at the current price with a stop loss of Rs 1,200 on a closing basis and aim to capitalize above Rs 1,375.

The stock price is currently trading at a 50-day EMA, suggesting it is likely about to turn short-term bullish once more after bouncing back. The stock appears quite neutral when one looks at the Relative Strength Index, which is now trading at 51.13. The ADX of 13 indicates the present state of price momentum, which is moving with low momentum.

In the event of a retracement, it is essential to monitor key support levels, particularly at Rs 1,150. The minor upper resistance is 52-week high and if the stock closes above 52-week high consecutively, then it may consistently trade above current levels.

Narayana Hrudayalaya Ltd. engages in the provision of medical and health care services.

Honasa Consumer Pvt Ltd

The daily chart of Honasa Consumer Pvt Ltd

Honasa Consumer’s current performance is indicated by a favorable technical setup. The company’s shares are now trading at Rs 424 and may continue the uptrend from the current level. The stock price is currently trading slightly above the 50-day EMA.

Those interested in possible trade in Honasa Consumer could purchase the stock at the present price, setting a stop loss below the 50-day EMA at Rs 390, and aim for a target price higher than the level of Rs 460.

The stock is trading around its all-important moving averages, and it is expected breakout from current consolidation. The Relative Strength Index is trading near neutral levels at 56.48. This implies there may be potential for an increase in stock price strength. The ADX, now around 23, shows normal momentum and directional strength.

The level of Rs 360 serves as a crucial indicator for corrective movement, and the overall market structure favors traders if the stock sustains the level of Rs 450 and trades above it.

Honasa Consumer Pvt Ltd. manufactures and sells baby care products.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.