Forms inverted head and shoulder
The stock of International Gemmological Institute (India) Limited (IGIL) saw a decline in price between July last year and January this year. However, for more than a month now, the scrip has seen some increase in price. Notably, the price action since November shows an inverted head and shoulder pattern.
We expect the stock to soon break out of the neckline of the pattern at ₹340 and embark on a rally to ₹390. A bullish crossover between 21- and 50-day moving averages has also occurred, strengthening the bullish case. Buy at ₹335 and ₹320. Stop-loss can be ₹300. On a rally to ₹370, alter the stop-loss to ₹340. Exit at ₹390.
Oil India (₹484.55)
Builds a base
The stock of Oil India formed a good base between ₹390 and ₹400 over the last seven months. On the back of this, it rallied in the recent weeks. While the scrip is now facing a resistance at ₹520, the price action shows a clear bullish bias. Therefore, we expect the share price of Oil India to surpass ₹520 soon.
Once this happens, the stock can establish a rally to ₹700. Hence, participants can consider buying the stock now at ₹484 and accumulate if the price dips to ₹455. Place stop-loss at ₹380. When the price reaches ₹580, trail the stop-loss to ₹530. Revise the stop-loss to ₹600 when the stock hits ₹650. Book profits at ₹700.
Zen Technologies (₹1,425.75)
Strong bullish engulfing seen
The stock of Zen Technologies, since August last year, has largely been charting a sideways trend. It has been oscillating between ₹1,300 and ₹1,500. Although there has not been a breakout yet, the scrip formed a strong bullish engulfing candlestick pattern on the weekly chart. Given the strength of last week’s rally, we anticipate a breakout of ₹1,500 soon.
The stock can appreciate to ₹1,900 over the medium-term. Therefore, participants can go long now at ₹1,425 and accumulate at ₹1,340. Place stop-loss at ₹1,200. When the stock moves up to ₹1,650, alter the stop-loss to ₹1,500. On a rally to ₹1,800, raise the stop-loss to ₹1,700. Exit at ₹1,900.
Published on March 7, 2026