Nagesh Arekar, technical analyst, Angel Broking has given his views on the following three stocks:
Titan Industries:
"Finally after several attempts, the stock managed to breakout from the 'Downward Sloping Trend Line' resistance of Rs 255 on a weekly closing basis. Since then, stock is witnessing time-wise as well as price-wise correction. Looking at the daily chart, it can be concluded that the stock is finding a strong support near the breakout point, which coincides with the 61.8% Fibonacci retracement level of the recent up move (Rs 246 - Rs. 275).
In addition, we are now witnessing a penetration of the 'Downward Sloping Trend Line' with higher volumes. Combining all these evidences along with the positive placement of momentum oscillators, we advise traders to buy this stock at current level for a target of Rs 278. The stop loss can be maintained at Rs 253."
Shares of Titan Industries gained Rs 3.05, or 1.17%, to trade at Rs 263.95. The total volume of shares traded was 68,259 at the BSE (12.30 p.m., Wednesday).
Hero Motocorp:
"We witnessed more than 20% rally in merely two months, which led to a breakout from multi-year highs. Recently, the stock posted a new life time high of Rs 2,300 and immediately witnessed a small profit booking. However, the stock managed to take a support near the breakout zone after forming a 'Bullish Engulfing' Japanese candlestick pattern on the daily chart. The said pattern has now been confirmed as the prices closed above Rs 2,234 during yesterday's session.
The stock has now resumed its higher degree uptrend and we expect it reach Rs. 2,350 - Rs. 2,380 levels in coming 1 - 2 weeks. Traders can buy the stock in a range of Rs. 2,270 - Rs. 2,245 with the stop loss of Rs. 2,210."
Shares of Hero Motocorp gained Rs 15, or 0.66%, to trade at Rs 2,281.20. The total volume of shares traded was 9,576 at the BSE (12.30 p.m., Wednesday).
Tata Elxsi:
"Recently, the stock has completed its corrective phase of the recent impulsive up move seen from Rs. 391.70 (low on Feb. 12, 2014) to Rs. 667.80 (high on Mar. 04, 2014). Looking at the daily chart, it seems that the Rs. 529 has become a near term base for the stock, which coincides the 50% Fibonacci Retracement Level of the recent up move. On Monday, the stock managed to come out of the narrow trading range with increasing volume.
Going forward, considering the positive chart structure and placement of momentum oscillators, we advise traders to buy this stock in a range of Rs. 577 - Rs.565 for a target of Rs. 620 - Rs 630 in coming 3 - 4 weeks. The stop loss for this trade set up should be maintained below Rs. 545."
Shares of Tata Elxsi declined Rs 6.5, or 1.13%, to trade at Rs 569.95. The total volume of shares traded was 135,510 at the BSE (12.30 p.m., Wednesday).
