GRSE shares enroute to Rs 1,900, buy on dips: Anand James

How is the trade set-up looking like for the monthly expiry of both Nifty and Nifty Bank now that the market has moved out of the consolidation phase into an upswing mode? Do you think Nifty would be able to hold the fort at 23K?
While Nifty took 10 trading sessions to swing from the lower Bollinger band to the middle band, it took just 3 sessions to travel the upper half. This suggests that the uptrend is gaining momentum, encouraging us to believe that, despite the pace of upsides, there is more to come.

We believe a full retracement to February peak of 23807 is possible. That said, 44% of Nifty 50 stocks are already above their peaks in February, from where Nifty started the most recent downswing. If we do not see new leaders emerging from the rest of constituents, then a sideways move may be expected, before the next leg of upside unfolds. If such consolidation unfolds 23000 would be critical to maintaining the current momentum. Bearish possibilities need to be re-visited only once below 22730.

How are the charts looking like for small and midcap indices?
Nifty Smallcap250 has completed a bullish marubozu candlestick in weekly charts. 31% stocks still have RSI below 50 and 40% have RSI between 50-60 indicating strength and room on the upside. That said, the index is exactly at the 50 Day SMA pointing to a potential pause before an eventual breakout. Meanwhile, in addition to a bullish marubozu, a weekly falling channel breakout is seen in Nifty Midcap150 index echoing similar sentiments as that of the small cap index. But the midcap index closed well above its 50 day SMA, lending more optimism.

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GRSE shares were the top gainer in the week and ended over 30% higher. Given the positive news flow around defence stocks, do you think there is more steam left in this leg of the rally?
The stock is enroute Rs 1900. But, the evening star candlestick pattern on Friday, despite the broad market positivity points to exhaustion that has creeped in after a gigantic upmove early last week. Recommended course of action is to look for dips, with downside markers placed below Rs 1520.
After a long time, Jupiter Wagons and Titagarh Rail among other rail stocks are also seeing positive buying momentum. How strong are the charts?
Both stocks are seeing a reversal pattern in formation. Both have not only broken above multi week parallel consolidation range, but also formed bullish marubozu last week, pointing to 897 and 384 as the nearest objectives with 735 and 314 as the respective downside markers.Give us your top ideas for the week.

Buy JKPAPER (LTP: 318)

Target – 345

Stoploss – 303

The stock has been on decline since July 2024 and has broken out of a W pattern on daily charts and has closed above the three-week high hinting at reversal. The 14-week RSI is coming off the oversold region and weekly SMIO moving above the zero line adding more conviction to our expectation of more upsides from current levels. We expect the stock to move towards 345 in the next few weeks. All longs may be protected with stoploss placed below 303 levels.

Buy WSTCSTPAPR (LTP: 432)

Target – 485

Stoploss – 417

The stock has been on decline since Feb 2024 and is attempting to break out of a W pattern on daily charts and has closed above the three-week high hinting at reversal. The 14-week RSI is coming off the oversold region and weekly SMIO moving above the zero-line adding more strength to our expectations. We expect stock to move towards 485 in the next few weeks. All longs may be protected with stoploss placed below 417 levels. A buy on dips approach would be best advised.