Siemens, JSL: 9 stocks in Nifty 500 top new highs despite sluggish mood

On Wednesday, shares of Cera Sanitaryware, Jindal Stainless, Siemens, and Triveni Turbine recorded new all-time highs, despite weak market

Despite benchmark indices witnessing a 4-day losing streak, few shares continue to outperform reaching new peaks.  This includes well-known names like Siemens, Persistent Systems, Shree Cement and Equitas Small Finance Bank. Other stocks are Jindal Stainless, Bosch, Cera Sanitaryware, Cyient and Triveni Turbine.

While BSE Sensex and Nifty 50 managed to show some rebound recently, the last 4-days have not been particularly encouraging. Both indices have conquered their respective 50-day moving averages (DMA) lately, but are not indicating a decisive up move.

Moreover, BSE Sensex and Nifty 50 on Wednesday continued their downward journey by falling close to a per cent. However, Shares of Cera Sanitaryware, Jindal Stainless, Siemens, and Triveni Turbine, on the other hand, recorded new all-time highs. 

On Tuesday, shares of Shree Cement, and Persistent Systems hit their new historic peaks, while Equitas Small Finance Bank, Bosch and Cyient registered new 52-week highs, despite benchmark indices closing at day’s low. 

Bullish patterns have evolved in shares of Jindal Stainless, Siemens, Cera Sanitaryware and Persistent Systems implying resilient momentum that may see gradual upside in the short-to-medium term.

In the last four sessions, Cera Sanitaryware zoomed closed to 10 per cent, while Shree Cement and Jindal Stainless soared over 6 per cent, respectively. Others gained in the range of 3 per cent to 6 per cent.

Technically, Jindal Stainless is scaling higher highs, with the breakout of “Golden Cross” seen in December last year. Going forward, as long as the support of the 50-day moving average (DMA) is held, the counter is anticipated to reach up to 10 per cent higher. 

Shares of Cera Sanitaryware succeeded in entering the next leg of upside post decisively conquering the hurdle range of Rs 6.300 to Rs 6,100 levels. Thus, as long as the counter holds Rs 6,000 mark, the medium-term bias shall continue to see higher highs.

A close over Rs 3,200 has led siemens shares to breakout on the upside. On a short –term basis, the counter reveals a positive move in the direction of Rs 3,700 levels. 

At this juncture, Triveni Turbine shares are attempting to absorb all the selling pressure emerging around the range of Rs 310 to Rs 306. Once the counter holds ground over this range, a bullish breakout may see a rally towards Rs 340 levels. 

Here are the nine stocks with potential upside based on their technical charts:- 

source: spidersoftwareindia