Technical Analysis: DCM Shriram, One 97 Communications, Uno Minda 

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DCM Shriram (₹1,302.85)

Positive momentum seen

The stock of DCM Shriram has been appreciating gradually ever since it found support at ₹750 in April 2023. The chart shows that it has been moving across a broad rising channel. Over the past few weeks, the stock seems to have gained good momentum, leading to it breaking above the upper band of the channel at ₹1,250, which also happened to be an important resistance.

So now, the momentum is with the bulls and expect further rise in price. Go long at ₹1,300 and buy more shares at ₹1,150. Place stop-loss at ₹980. When the price rises to ₹1,500, revise the stop-loss to ₹1,380. Tighten the stop-loss further to ₹1,500 when the stock hits ₹1,600. Exit at ₹1,700.

One 97 Communications (₹769)

Steady uptrend

The stock of One 97 Communications i.e., Paytm has been in a steady uptrend since June this year. The rally was launched on the back of the base it formed at ₹320 between February and May. The breakout of ₹450 in July helped the bulls in establishing a sustainable rally. Although the price saw a decline last week, the broader trend remains intact.

Yet, the stock might moderate to ₹715 before the uptrend resumes. Eventually, we anticipate the price to hit ₹1,000 in the coming months. Buy at the current level and accumulate at ₹715. Place stop-loss at ₹650. When the stock rises to ₹875, trail the stop-loss to ₹780. Tighten the stop-loss to ₹890 when the price hits ₹950. Exit at ₹1,000.

Uno Minda (₹997.3)

Signs of a rally

The stock of Uno Minda’s second attempt in September this year to breach the barrier at ₹1,200 failed. What followed was a decline in price. The price action for the past six months shows that the stock has been consolidating within ₹900 and ₹1,200. Now, there are positive signs like high-volume buying last week and rising indicators like MACD and RSI.

Also, the risk-reward ratio is favourable for long positions. Initiate fresh longs at ₹995 and accumulate at ₹940. Keep stop-loss at ₹880. When the stock breaks out of ₹1,050, alter the stop-loss to ₹950. Move the stop-loss further up to ₹1,050 when the price touches ₹1,130. Liquidate the longs at ₹1,200.