Technical Analysis: Bikaji Foods International, Campus Activewear and Tamilnad Mercantile Bank

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Bikaji Foods International (₹948.2)

Bull flag breakout

The stock of Bikaji Foods International has been in an uptrend since its listing in November 2022. There have been intermittent corrections and sideways consolidations since then. The latest being the horizontal movement it has been making between ₹820 and ₹900 over the past month. Last week, it broke out of ₹900, which also confirmed a bull flag chart pattern.

As per this setup, the price is likely to rise quickly to ₹1,100. So, we suggest buying now at ₹948. Add longs if the price dips to ₹860. Place stop-loss at ₹800. When the stock touches ₹1,000, alter the stop-loss to ₹950. Tighten the stop-loss further to ₹1,000 when the price hits ₹1,050. Book profits at ₹1,100.

Campus Activewear (₹357.4)

Confirms inverted head & shoulder

Campus Activewear’s stock depreciated between October 2022 and April 2024. During this time, the price fell from ₹600 to ₹210. The scrip finally found support at ₹210 and started to recover in April. This upswing led to the stock surpassing a crucial barrier at ₹315. This hurdle happened to be the neckline of an inverted head and shoulder pattern, indicating a bullish reversal.

So, the probability of rally from here is high. Buy shares of Campus Activewear now at ₹357 and add more if the price softens to ₹300. Keep a stop-loss at ₹250. When the price hits ₹415, exit one-third of the longs and then trail the stop-loss to ₹395 for the remaining holdings. Liquidate them at ₹460.

Tamilnad Mercantile Bank (₹482)

Likely to see a breakout

The stock of Tamilnad Mercantile Bank (TMB) has been largely moving across a sideways trend since March. It has been oscillating between ₹450 and ₹500. Over the past month, the stock has been rallying within this range and the price action shows good momentum. We expect it to surpass the resistance at ₹500 soon. In that case, the price can rise to ₹600 quickly.

So, traders can buy the stock of TMB now at around ₹480 and accumulate at ₹470. Place stop-loss at ₹430. When the stock touches ₹540, revise the stop-loss to ₹520. Tighten the stop-loss further to ₹550 when the price hits ₹575. Exit at ₹600.