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25 October, 2014 04:39 IST
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Fifteen short to mid-term technical picks
Source: IRIS | 31 Dec, 2012, 01.12PM
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Following technical calls have been recommended from short to medium term perspective by analysts at leading broking firms:

SMC Global Research

1. Andhra Bank (Duration: 1-2 months)

The stock closed at Rs 116.05 on Dec. 27, 2012. It made a 52-week low at Rs 78.50 on Dec. 29, 2011 and 52-week high of Rs 138.45 on Mar. 13, 2012. The 200 days Exponential Moving Average (EMA) of the stock on the weekly chart is currently at 111.72.

After making low, it has formed inverted head and shoulder which is bullish continuation pattern. So, it is anticipated that it may reach our desired targets. One can 'Buy' in the range of 116-118 levels with closing below stop loss of 110 levels for the target of 130-135 levels.

2. Punj Llyod (Duration: 1-2 months)

The stock closed at Rs 59.50 on Dec. 27, 2012. It made a 52-week low at Rs 38.35 on Jan. 02, 2012 and 52-week high of Rs 65.90 on Feb. 22, 2012. The 200 days Exponential Moving Average (EMA) of the stock on the weekly chart is currently at 103.92.

After basing at lower levels it has formed a flag formation, which is a continuation pattern. Volumes are diminishing at the time of selling, which may be due to fresh buying happening in this counter. One can 'Buy' in the range of 58-60 levels with closing below stop loss of 53 levels for the target of 70-75 levels.

3. United Phosphorus (Duration: 1-2 months)

The stock closed at Rs 123.50 on Dec. 27, 2012. It made a 52-week low at Rs 101.55 on Nov. 08, 2012 and 52-week high of Rs 170.35 on Feb. 17 2012. The 200 days Exponential Moving Average (EMA) of the stock on the weekly chart is currently at 139.49.

It is clear from the chart that it has formed a triple bottom at lower levels. So, it is anticipated that it will try to give a sharp up move in the near term. One can 'Buy' in the range of 121-123 levels with closing below stop loss of 115 levels for the target of 135-138 levels.

IDBI Capital

4. Gujarat State Petronet (GSPL) - (Duration: 4-5 weeks)

'Buy' at CMP and dips to Rs 76 for a target of Rs 83.50 with a strict stop loss placed above Rs 74.25.

On Friday, GSPL has formed an engulfing bullish candle on the daily charts. However, the stock is in an uptrend forming higher high low in a rising channel. While, momentum averages have converged and indicated a positive crossover near the lower band of the rising channel. On the oscillator's front, RSI & MACD have indicated a positive divergence on the hourly charts.

5. Tata Chemicals (Duration: 4-5 weeks)

'Buy' at CMP and dips to Rs 344 for a target of Rs 375 with a strict stop loss placed below Rs 336.

On Friday, Tata Chem has formed a strong bullish candle on the daily charts. Prior, the stock had witnessed a triangle pattern breakout. However, after a pullback, the stock is again poised for an upside rally for the coming weeks. On the oscillator's front, RSI & MACD have indicated a positive crossover on the daily charts.

ICICIdirect

6. NMDC (Duration: 1 week)

'Buy' in the range of Rs 161-160 as against current market price (CMP) of Rs 164 with target of Rs 175 higher and stop loss of Rs 156.
Comments: Testing previous supports, breaking the red falling channel.

7. Pantaloon Retail (India) - (Duration: 1 week)

'Buy' in the range of Rs 247-245 as against current market price (CMP) of Rs 253.80 with target of Rs 269 higher and stop loss of Rs 234.
Comments: Breaking previous resistances.

8. Berger Paints (Duration: 1 week)

'Buy' in the range of Rs 154-153 as against current market price (CMP) of Rs 156 with target of Rs 168 higher and stop loss of Rs 147.
Comments: Breaking an ascending triangle.

Marwadi Shares & Finance (MSFL)

9. LIC Housing Finance (Duration: 1 week)

A strong bullish candle on weekly chart and a bunch of white candle on daily chart suggest positive stance. However momentum indicator is trading in overbought territory therefore we suggest buy on dips.

10. Bharti Airtel (Duration: 1 week)

A bullish candle followed by doji candle on weekly chart indicates upside potential. The stock is performing above all moving averages. It has strong support of 200 & 50 DEMA near to 300 therefore stock has multiple supports near to 300.  We recommend buying on dips.

11. Canara Bank (Duration: 1 week)

The stock is trading above all moving averages. Positive close on daily and weekly chart indicates positive stance and it has already given break out of resistance on weekly chart. Daily and weekly RSI is in favor of positivity therefore we recommend buying on dips.

12. Tata Consultancy Services (TCS) (Duration: 1 week)

The stock is trading in rounding bottom pattern and expected to test neckline near to 1,323. RSI is in favor of positivity and stochastic oscillator has given negative crossover. However positive close on daily and weekly chart suggest positive stance therefore buy on dips.

13. Mahindra & Mahindra (M&M) (Duration: 1 week)

A bunch of black candle on daily chart and big black candle on weekly chart indicates weakness. Short term DEMA has given negative crossover and momentum indicator also signaling the weakness therefore we recommend selling.

Shilpa Stock Broker (SSBPL)

14. Tata Chemicals (Duration 1 week)

Buy above Rs 350 for target of Rs 360 with stop loss of Rs 345.

After flat opening stock has witnessed buying with strong volume in last one hour of trade and finally ended with long white candle a bullish candlestick pattern on daily chart. 3 days EMA has given positive crossover to 8 days EMA. 14 days RSI has also given positive cut to signal line.

RK Global Shares & Securities

15. Canara Bank (Duration 4-5 days)

'Buy' on dips to Rs 491 for target of Rs 506 with stop loss (on daily closing basis) Rs 485.

The script is on strong up trending mode and closed above last 3 weekly high.  Though the stock is having a crucial hurdle at RS 497 level but we believe this level would be taken out, as this uptrend is backed by volume oscillator OBV. MACD is also running on bullish note along with steeply rising moving averages. So, we recommend strong buying on dips for the immediate target of Rs 506.

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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