Ramco Cements, Persistent Systems, Coforge, Laurus Labs and HDFC Bank Shares witnessed strong bullish momentum on the weekly technical charts. If Indian market sentiment remains favorable, we can expect further upside in these stocks. Ramco Cements and Laurus Labs are hovering around their 52-week highs and we can expect more buying in these counters. TopNews will keep these stocks under watch for the current week.

Ramco Cements Technical Analysis and Fibonacci Retracement Levels

Based on the high of Rs 1,022.25 and the low of Rs 970.95:

100% (High): Rs 1,022.25
61.8% (Golden Ratio): Rs 995.91
50%: Rs 996.60
38.2%: Rs 982.40
0% (Low): Rs 970.95
Support and Resistance Levels (Pivot Points)
Using standard pivot point calculations:

Pivot Point: Rs 988.48
Resistance 1: Rs 1,005.85
Support 1: Rs 971.11
Resistance 2: Rs 1,026.15
Support 2: Rs 952.81
Actionable Insights
Candlestick Patterns Analysis:

Recent bullish momentum indicates the stock may test its resistance near Rs 1,005.85.
A breakout above Rs 1,022.25 could signal a continuation toward the 52-week high of Rs 1,058.20.
Fibonacci Analysis:

The Rs 995.91 level (Golden Ratio) is a critical zone. Sustained trading above this level suggests bullish control.
A fallback near Rs 970.95 (Fibonacci low) might attract buyers if broader trends remain supportive.
Support and Resistance:

Immediate support at Rs 971.11 could act as a buffer against downward trends.
Resistance at Rs 1,026.15 aligns with the upper Fibonacci retracement levels, forming a strong overhead barrier.

Persistent Systems Technical Analysis and Support Levels

Candlestick Analysis: Persistent Systems has shown strong momentum near Rs 5,933.95, indicating a potential resistance zone. A breakout above Rs 5,933.95 could push prices toward the Rs 5,995.50 level.
Fibonacci Strategy: If the stock retraces, Rs 5,872.40 serves as a strong 50% support level. This is ideal for re-entry or initiating fresh positions for medium-term investors.
Support & Resistance Strategy: Traders should watch Rs 5,810.85 as a key support. Any breach could signal further downside to Rs 5,749.30.
Recommendations
Bullish View: A sustained breakout above Rs 5,933.95 can set the stage for a rally toward Rs 6,042.00 (52-week high).
Bearish View: A fall below Rs 5,810.85 might lead to further correction, with Rs 5,749.30 as a key support.
Investment Strategy: Use pullbacks to Rs 5,872.40 or Rs 5,810.85 for long-term entry, considering the company’s strong fundamentals and sector growth.

Fibonacci Levels for Coforge Limited

Fibonacci retracement levels are calculated based on the high and low prices:

High Price: 8707.90
Low Price: 8541.00
Fibonacci Levels:

0% (Low): 8541.00
23.6%: 8580.12
38.2%: 8616.97
50%: 8624.45
61.8%: 8673.93
100% (High): 8707.90
Support and Resistance Levels
Using the pivot point method:

Pivot Point: (High + Low + Close) / 3
Assuming an average Close Price of (High + Low) / 2 ≈ 8624.45:
Pivot Point = (8707.90 + 8541.00 + 8624.45) / 3 = 8624.45

Actionable Insights
Candlestick Patterns: Analysis of daily candlestick charts indicates bullish momentum if the stock price breaks above the 23.6% retracement level (8580.12). A close above the Resistance 1 (8707.90) confirms a strong upward trend.

Fibonacci Analysis: Watch for retracements to the 38.2% or 50% levels (8616.97 and 8624.45), as they could signal buying opportunities in an uptrend.

Support and Resistance:

Key Resistance Zone: 8707.90 - 8874.80
Key Support Zone: 8541.00 - 8457.55

Laurus Labs Candlestick Pattern Analysis

Candlestick Observations:

Current Candlestick: Based on the given data, the day's range suggests a formation of a Doji or narrow-range candlestick if the closing price is near the opening price (548.25). This indicates indecision in the market.
Trend Analysis:
The price is testing its 52-week high of Rs 570.00, indicating bullish momentum.
Previous sessions likely showed upward momentum due to the approach to the 52-week high.
Potential Signal: If the candlestick closes above Rs 570.00, it could signal a breakout. Conversely, a reversal pattern at this level might indicate resistance.

Actionable Insights and Strategies

For Bullish Traders:

Entry Point: Buy on a confirmed breakout above Rs 570.00 with strong volume.
Target Levels: Rs 580.00 and Rs 590.00 as short-term targets.
Stop-Loss: Place a stop-loss at Rs 548.00 to manage downside risk.
For Bearish Traders:

Entry Point: Sell if the stock shows a reversal at Rs 570.00 with bearish candlestick patterns (e.g., Shooting Star or Bearish Engulfing).
Target Levels: Rs 540.00 (Support 2) and Rs 530.00.
Stop-Loss: Set a stop-loss above Rs 575.00.
Neutral Strategy:

If the price consolidates between Rs 548.25 and Rs 570.00, wait for a decisive breakout to enter a trade.
Long-Term Investors:

Use pullbacks near Rs 548.25 or Rs 553.34 (23.6% Fibonacci) to accumulate shares if the long-term trend remains bullish.
Monitor fundamental metrics like P/E ratio (233.47) and dividend yield (0.14%) for investment decisions.