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
27 November, 2014 14:47 IST
SMC Global`s top 3 short-term technical picks
Source: IRIS | 24 Nov, 2012, 02.09PM
Comments  |  Post Comment

Broking firm SMC Global has selected Britannia  Industries, Canara Bank and Onmobile Global as technical picks from 1-2 months perspective. Following is the rationale on above mentioned stocks:

Britannia  Industries 

The stock closed at 478.05 on November 22,2012. It made a 52-week low at 380 on August 03, 2012 and 52-week high of 599.90 on April 03, 2012. The 200 days Exponential Moving Average (EMA) of the stock on the weekly chart is currently at 417.78.

After a marginal fall, it took support near to its previous lows of 460 levels. As we can see on the charts there was a major spike which even breached its 200 EMA and then rebounded sharply indicating its potential to move northward. One can Buy in the range of 472-476 levels with closing below stop loss of 459 levels for the target of 495-505 levels.

Canara Bank

The stock closed at 430.45 on November 22, 2012. It made a 52-week low at 306.25 on August 30, 2011 and 52-week high of 566 on February 17, 2012. The 200 days Exponential Moving Average (EMA) of the stock on the weekly chart is currently at 418.34.

Last week the major index closed in a negative zone but this particular scrip negated the same and traded above its 200 EMA which shows that some accumulation is going with the support of volumes in it. Moreover, the oscillators moved out of its oversold zone, which also determines its strength. One can Buy in the range of 425-428 levels with closing below stop loss of 409 levels for the target of 460-465 levels.

Onmobile Global

The stock closed at 40.65 on November 22, 2012. It made a 52-week low at 28.85 on July 02, 2012 and 52-week high of 84.15on February 15, 2012. The 200 days Exponential Moving Average (EMA) of the stock on the weekly chart is currently at 117.61.

It is clear from the chart that downward momentum has come to an end and there is a major possibility of an upward journey in the coming weeks. Moreover oscillators and basing at lower levels are also showing that there is a potential of  reversal in the near term. One can Buy in the range of 37-39 levels with closing below stop loss of 34 levels for the target of 50-53 levels.

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.

Surana Telecom receives letter of award for solar power project - 27-Nov-2014 14:38
Alstom T&D bags order worth Rs 560 mn - 27-Nov-2014 14:17
Religare retains Sell on Siemens citing high valuations - 27-Nov-2014 12:12
Subex allots shares following bond conversion - 27-Nov-2014 11:13
HDFC Bank allots shares under ESOS - 27-Nov-2014 10:50
8K Miles acquires SERJ solutions to enhance healthcare cloud offering - 27-Nov-2014 10:31
Ind-Ra affirms HPCL at 'AAA' - 26-Nov-2014 18:09
McDonald's opens its first gold standard drive-Thru restaurant in Nadiad - 26-Nov-2014 17:04
Rane Holdings enhances its equity shareholding to 45.24% in SasMos - 26-Nov-2014 16:32
Tata Power JV company gets CERC tariff order for 1050MW power plant - 26-Nov-2014 16:07
We maintain neutral stance on Dr Reddy`s: Angel Broking - 26-Nov-2014 15:46
* Q - Quote , N - News , C - Chart , F - Financials
Comments Post comment 
 Post Comment
Name Email
Security Code type    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