Aditya Birla Fashion and Retail (₹77.79)
Tests a crucial base
The stock of Aditya Birla Fashion and Retail got hammered and it lost a little over 16 per cent over the past three weeks. However, there are important supports ahead, which can arrest the downtrend. The ₹73-77 is the nearest base followed by ₹68 and ₹62. Given this, the stock can establish an uptrend within the broad price region between ₹62 and ₹77.
On the upside, the scrip can rally to retest the resistance at ₹118. Note that the uptrend might slow temporarily at ₹96 and ₹105, potential hurdles. Buy the stock at ₹77 and accumulate at ₹68. Place stop-loss at ₹60. Raise the stop-loss to ₹85 and ₹96 when the price rises to ₹96 and ₹105 respectively. Book profits at ₹118.
IDFC First Bank (₹71.52)
Confirms bullish reversal
The stock of IDFC First Bank has been rallying since early April after it found support at ₹53. By mid-May, it broke out of a barrier at ₹66 and last week, it formed another higher high, confirming that the trend has turned bullish. While there might be a temporary fall, possibly to ₹68-69 price band, it will eventually resume the rally.
We expect it to touch ₹95 over the next few months. Therefore, traders can buy the stock of IDFC First Bank at ₹71 and accumulate if the price dips to ₹69. Place stop-loss at ₹62 at first. Shift this higher to ₹79 when the stock appreciates to ₹85. Tighten the stop-loss further to ₹85 when the price rises to ₹90. Liquidate the longs at ₹95.
Zydus Wellness (₹1,944.95)
Set to resume the rally
The stock of Zydus Wellness has been appreciating since early March. It began moving up after finding support at ₹1,550. In the recent sessions, the price action shows that the uptrend has slowed and the stock has been consolidating. However, the overall bull trend stays valid and we expect the rally to resume soon.
The stock can touch ₹2,350 before the end of this year. As it moves up, there could be consolidation at ₹2,100 and ₹2,200. Hence, go long on the stock at ₹1,940 and buy more shares at ₹1,850. Place stop-loss at ₹1,750. Alter the stop-loss to ₹1,950 when the stock touches ₹2,100. Revise the stop-loss to ₹2,100 when the price hits ₹2,200. Exit at ₹2,350.
Published on June 7, 2025
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