Movers & Shakers: Stocks that will see action this week

The stock of CDSL (Central Depository Services (India) appreciated about 6 per cent last week. Majority of the gain happened on Friday where it broke out of a key resistance at ₹1,400. As the stock has been forming higher lows since April, this breakout confirms a bullish trend reversal. From the current level, we might see some moderation in price, probably to ₹1,370. But then, the stock can resume the rally and eventually rise to ₹1,800 over the medium-term. Buy now at ₹1,431 and ₹1,370. Place stop-loss at ₹1,275. When the price rises to ₹1,560 and ₹1,680, alter the stop-loss to ₹1,460 and ₹1,600 respectively. Exit at ₹1,800.

The stock of Great Eastern Shipping saw a sharp fall in price between mid-May and mid-June. The price fell from the high of ₹1,798 to ₹1,350. However, post this decline, the scrip stabilised. The price band of ₹1,340-1,385 is a notable demand zone and we anticipate a recovery soon on the back of this support. Once the uptrend begins, the stock can rally to ₹1,680. But note that there might be some consolidation or a minor correction around the resistance at ₹1,535. Go long at ₹1,422 and ₹1,360. Stop-loss can be ₹1,315. When the price rises to ₹1,535 and ₹1,620, alter the stop-loss to ₹1,400 and ₹1,550 respectively. Exit at ₹1,680.

The stock of Olectra Greentech has been rallying since March. It established the uptrend on the back of the support at ₹875. While it has surpassed some key levels since then, the price has dropped since the beginning of July. However, the broader trend remains bullish and decline is a corrective dip within the uptrend. We expect the bulls to gain traction soon and establish another leg up, potentially lifting the price to ₹1,850 over the medium-term. Buy now at ₹1,423 and accumulate at ₹1,360. Place stop-loss at ₹1,150. When the price rises to ₹1,650 and ₹1,770, alter the stop-loss to ₹1,500 and ₹1,700 respectively. Book profits at ₹1,850.