Broking firm Marwadi Shares & Finance (MSFL) has recommended following five technical calls for this week (Sept 1 - 5):
1. Dr. Reddy
Current Market Price (CMP) - Rs 2,948
The stock has formed bullish candle with good amount of volume on daily chart indicates strength. Additionally, it has given break out of ''V'' shape pattern supports positive stance. It is performing above all moving averages and short term DEMA acting as strong support. Buy on dips.
2. BHEL
Current Market Price (CMP) - Rs 241
A sizable bullish candle with good amount of volume followed by couple of mixed candle indicates break out of consolidation phase. Short term DEMA and momentum indicators have given positive crossover. Therefore, we recommend to buy with stop loss.
3. Bank of Baroda
Current Market Price (CMP) - Rs 871
The stock has formed bearish candle on daily chart. On weekly Front: ''Engulfing bearish'' formation on weekly chart indicates negative stance. It expected to test 100 DEMA near to 830. Selected momentum indicator RSI and stochastic oscillator have given negative crossover. Therefore, we recommend to sell with stop loss.
4. JP Associates
Current Market Price (CMP) - Rs 46.5
A bunch of black candle in lower top lower bottom formation on daily chart indicates weakness. Additionally, it is trading in downward channel on daily chart and it is expected test lower arm near to 40. It is performing below all moving averages. Momentum indicators are in favor of bear. Sell on rise.
5. ITC
Current Market Price (CMP) - Rs 355
The stock bullish candle on daily chart and it has strong support of 200 DEMA near to 338 on daily chart. Positive close on daily and weekly chart indicates strength. Short term DEMA has given positive crossover and RSI is in favor of bull. we recommend to buy with stop loss of 338.
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