23 August, 2014 03:49 IST
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Four short to mid-term technical picks
Source: IRIS (16-NOV-12)
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Following technical calls have been recommended from short to medium term perspective by analysts at leading broking firms:

IDBI Capital

1. Adani Enterprises (Perspective: 4-5 weeks)

Buy on dips to Rs 231 for a target of Rs 255 with a strict stop loss placed below Rs 220.

Yesterday, Adani Ent has formed an Engulfing Bullish Candle on the daily charts. The stock is on the verge of the flag pattern breakout. On the oscillator's front; RSI & MACD are placed with a positive crossover on the daily charts.

2. Reliance Infrastructure (Rel Infra) - (Perspective: 4-5 weeks)

Buy above Rs 479 for a target of Rs 500 with a strict stop loss placed below Rs 464.

Yesterday, Rel Infra has formed an Engulfing Bullish Candle on the daily charts. However, the stock has witnessed a selling pressure is the past trading sessions and now it is poised for a technical pullback from the current levels. On the oscillator's front; RSI & Stochastic are placed with positive crossover on the daily charts.

RK Global Shares & Securities

3. Bharat Forge- (Duration 7-10 days)

Buy above Rs 267 for a target of Rs 273 with a strict stop loss placed below Rs 264.

After a prolonged steep fall the script rebounded and ended up with a bullish engulfing pattern on daily chart. RSI and Stochastic, both is trying to recover from over sold zone coupled with recovery in price, that suggest the script would continue its recovery if it manages to sustain above last candle's high.

Shilpa Stock Broker (SSBPL)

4. IRB Infrastructure - (Duration 1 week)

Buy above Rs 129.25 for target of Rs 135 with stop loss of Rs 126.

After flat opening stock has witnessed buying in later part of the day and finally ended with Long White Candle - a bullish candlestick pattern with strong volume on daily chart. 3 days EMA has given positive cut to 8 days EMA. 14 days RSI is also hovering on the verge of bullish zone.

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.


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