Two buy opportunities for the near term future

3M India Limited shows strong development within a rising trend channel in the medium to long term. In the last 5 years the stock has risen by 5.6 times.

In the last couple of months the stock has been in a sideways trend until the buyers decided to establish support around 19300 and take the price higher. The stock has given a buy signal from a double bottom formation and a target of 27091 or higher is given. There is resistance around 26000 rupees and support at 21000 rupees.

The stock has strong positive momentum and positive volume balance in the medium term. The stock is overall assessed as technically positive for the medium term.

Recommendation one to six months: Positive

PI Industries Limited has been popping up on our Top 50 list for a while and it was time to write an analysis of it. The stock has broken out from the ceiling of the rising trend channel and eventually the resistance at 910 rupees in the medium term. This indicates that the buyers have been aggressive in taking the prices higher. The volume balance indicator is also very positive. The momentum indicator RSI is rising and together this indicates support for the rising stock price.

On the downside there is support at 910 and 852 rupees in the medium and short term respectively. There could be resistance around 1016 levels which is its earlier top made in January 2018.

Recommendation one to six months: Positive

The analyses are based on closing price as per February 25, 2019. Maintaining proper stop loss is always recommended.