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Chart Busters: Top trading set-ups to watch out for Friday

Chart Busters: Top trading set-ups to watch out for Friday
by 5paisa Research Team 03/12/2021

On Thursday, the benchmark index Nifty has gained 234.75 points or 1.37%. The price action has formed a sizeable bullish candle on the daily chart, carrying higher high and higher low, indicating the continuation of upside momentum. The India VIX has lost nearly 7%.

Here are the top trading set-ups to watch out for Friday.

Indraprastha Medical Corp.: On Thursday, the stock has given downward sloping trendline breakout on the daily chart. This breakout was confirmed by a robust volume of above 50-day average volume. Additionally, the stock has formed a sizeable bullish candle on breakout day, which adds strength to the breakout.

Currently, the stock is trading above its short and long-term moving averages. The 20-day EMA and 50-day EMA are edging higher, which is a bullish sign. The momentum indicators and oscillators are also suggesting bullish momentum. Interestingly, the leading indicator, 14-period daily RSI has given inverted head and shoulders pattern breakout, which is a bullish sign. The weekly RSI is also in rising mode and it is about to cross the 60 mark. The daily MACD stays bullish as it is trading above its signal line and zero line.

The technical evidence indicates a strong upside in the coming weeks. On the downside, the 20-day EMA will act as strong support for the stock. While on the upside, the level of Rs 94.20 will act as crucial resistance for the stock.

Gujarat Fluorochemicals: Considering the daily chart, the stock has given Ascending triangle pattern breakout on Thursday. The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern.

The 50-days average volume was 1.50 lakh while on Thursday the stock registered a total volume of 8.67 lakh. Generally, the volume criteria become significant when the stock is breaking out of the trendline, and the stock that witnesses breakout on the back of over and above 50-days average volume, confirms the validity of the breakout.

As the stock is trading near to its all-time highs, all the trend indicators are showing that the uptrend continues. All the crucial moving averages are in a rising trajectory. The stock's Relative Strength Index (RSI) has reached its highest value in the last 14-days, which is bullish. Also, it has surged above its prior swing high.

In a nutshell, the stock has registered a bullish pattern breakout along with volume confirmation. As per the measure rule of Ascending triangle pattern, the upside target is placed at Rs 2450 followed by Rs 2700 level. On the downside, the 13-day EMA will act as support for the stock.

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