Following technical calls have been recommended from short to medium term perspective by analysts at leading broking firms:
1. Karnataka Bank - (Duration 4-5 weeks)
'Sell' on rallies Rs 140 for a target of Rs 120 with a strict stop loss placed below Rs 148.
Yesterday, KTK Bank has formed a Bearish Candle on the daily charts. The rally has exhausted breaking the rising trend line support in the overbought territory. On the oscillator's front; RSI & MACD are placed with a negative divergence on the daily charts
2. Power Grid Corporation of India (Duration 4-5 weeks)
'Buy' at CMP dips to Rs 118 for a target of Rs 135 with a strict stop loss placed below Rs 117.
Yesterday, Power Grid has formed a Bullish Candle on the daily charts. However, the stock has witnessed channel breakout indicating momentum to continue for the near term. On the oscillator's front; RSI & MACD are placed with positive crossover on the daily charts.
Shilpa Stock Broker (SSBPL)
3. Britannia Industries - (Duration 1 week)
'Buy' above Rs 484 for target of Rs 500 with stop loss of Rs 479.
After flat opening stock has witnessed buying throughout the day and finally ended with "Long White Candle" a bullish candlestick pattern on daily chart. Stock has also given close above 20 days EMA levels. 14 days RSI has entered in bullish zone.
RK Global Shares & Securities
4. Andhra Bank (Duration 4-5 days)
'Sell' on rally Rs 101 for a target of Rs 96 with a strict stop loss placed (on daily closing basis) Rs 103.50.
The stock is in long term down trend, and after a recent rally it again got into a down-trend. It is trading below its all crucial moving averages. It closed just at a very crucial support level of Rs 99 with a big bearish candle. MACD has already gone down below zero line along with down trending RSI (on daily chart). Chart pattern suggest the stock would break down further till Rs 96 level. So, we recommend a strong sell.
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.