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JSW Energy (Rs 77.6)
The stock zoomed 14 per cent with good volumes last week, decisively penetrating its 21- and 50-day moving averages. After recording an all-time low at Rs 64 on June 22, the stock reversed its trend upwards, triggered by positive divergence in both the daily moving average convergence divergence and weekly relative strength index. Since then, it has been on a short-term uptrend. Nevertheless, the stock is currently testing its immediate resistance at Rs 80. Emphatic move above this resistance can lift the stock higher to Rs 88 in the short-term. A surpass of the resistance level at Rs 88 will see the stock encounter long-term resistance at Rs 100.
On the other hand, reversal from either Rs 80 or Rs 88 will mean resumption of its intermediate-term downtrend that has been in place since last September. It can drag the stock down to Rs 70 and then to Rs 65 levels in the medium-term. Strong move above Rs 110 is required to mitigate its downtrend.
Bajaj Finance (Rs 716.7)
Following the announcement of the company's strong first quarter results, the stock accelerated 9 per cent with extraordinary volumes. With this surge, the stock broke through its key long-term resistance at Rs 640 and finished the week with 12 per cent gains. However, the stock met with its medium-term resistance at Rs 720 and is testing it. Strong jump above this resistance will push the stock higher to Rs 760 and then to Rs 800-810 range in the medium-term.
The stock has significant medium-term support at Rs 640, Rs 600 and Rs 560. Inability to surpass Rs 720 or Rs 760 can pull the stock lower to Rs 640. Immediate support is at Rs 680 where its 200-day moving average is positioned
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