Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
21 October, 2014 04:18 IST
News
Avoid fresh long positions in Wockhardt and Tata Motors: Rajesh Manial
Source: IRIS | 15 Nov, 2012, 06.39PM
Comments  |  Post Comment

Rajesh Manial, AVP technical research (retail desk), GEPL Capital, has provided views on Wockhardt and Tata Motors, which are in the news today. The same are as under:

Wockhardt

Wockhardt, one of the leading pharmaceutical and biotechnology companies, gained 4.6% on Thursday after it has posted a growth of 3.55 times in the net profit to Rs 4.53 billion for the second quarter of fiscal 2013.

The stock has been in a tremendous multi month uptrend since the level of 250 till the present price of almost 1700. Though the trend still remains up till the time this stock trades above the level of 1600, the upside momentum appears to be now waning as indicated by the RSI on the weekly chart. Additionally there is a likelihood that the stock is forming an Ending Diagonal since the level of 1103 and is in the finally stages of an upmove which may eventually give rise to very steep decline once the stock trades below the level of 1600. We do not recommend any fresh long positions on the stock and the existing investors are recommended to hold the stock with a strict stop loss of 1600. All bullish bests should be off once it trades below 1600 as it is likely to decline till well below 1400 level.

Tata Motors

Tata Motors, India's largest automobile company, declined almost 2% after reporting growth of 6% in global sales to 100,660 units for October 2012. 

Tata Motors appears to be correcting the entire decline from 320 till 203 and is presently quoting at 272. In the immediate term as long as the stock trades above 260 it still has the potential to test 297 which is the 78.60% Fibonacci Retracement level of the above mentioned decline from 320. Any breach of 260 would prove as an indication that the stock may slide lower to 245 and below that 230 is likely. We recommend an exit at higher levels and do not recommend any fresh long positions. Traders with existing long positions can place a stop loss of 260.

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.


News
Motilal Oswal Financial Services standalone quarterly net zooms 2.70 times - 20-Oct-2014 20:12
BGR Energy secures new contracts worth Rs 2.5 bn - 20-Oct-2014 19:24
Rane Brake Lining standalone quarterly profit declines 37.92% - 20-Oct-2014 18:57
Centron Industrial Alliance standalone quarterly net surges 57.19% - 20-Oct-2014 18:51
S K S Microfinance standalone quarterly profit soars 3.47 times - 20-Oct-2014 18:48
Sasken Communication Technologies standalone quarterly net soars 6.53 times - 20-Oct-2014 18:45
Idea Cellular consolidated quarterly net jumps 68.87% - 20-Oct-2014 18:41
Exide Industries standalone quarterly profit rises 6.01% - 20-Oct-2014 16:24
Dolphin Offshore Enterprises (India) consolidated quarterly earnings drop 10.48% - 20-Oct-2014 16:14
Zee Media Corporation swings to loss in Jul-Sep quarter - 20-Oct-2014 16:08
Hindustan Zinc standalone quarterly earnings climb 33.12% - 20-Oct-2014 16:02
more...
* Q - Quote , N - News , C - Chart , F - Financials
Comments Post comment 
 Post Comment
Name Email
Comment
Security Code type   86xksn into this box
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer