Broking firm Marwadi Shares & Finance (MSFL) has recommended following five technical calls for this week (Sept 22 - 26):
1. Axis Bank
Current Market Price (CMP) - Rs 407
The stock is trading in rising channel on daily chart. Additionally, it has formed Engulfing bullish pattern near to lower arm of channel indicates sing of reversal. It has multiple supports near 394 to 390. Stochastic oscillator has given positive crossover and RSI is looking to give positive signal. Buy with stop loss.
2. Tata Global
Current Market Price (CMP) - Rs 168
Three white soldiers on daily chart indicates positive stance. Additionally, it is trading in Ascending triangle pattern on weekly chart and expected to give upper side break out. RSI and stochastic oscillator have given positive crossover. We recommend to buy with stop loss.
3. Reliance Infra
Current Market Price (CMP) - Rs 647
The stock has formed Engulfing bearish pattern with above averages on daily chart indicates weakness. Short term DEMA has given negative crossover. Selected momentum indicator RSI and stochastic oscillator are in favor of bear. Therefore, we recommend to sell on rise.
4. ITC
Current Market Price (CMP) - Rs 359
A bunch of mixed candle on daily chart indicates consolidation phase. It is trading hand on hand with short DEMA and expected to give break out of consolidation phase. On the oscillator Front: RSI and stochastic oscillator are in favor of bull. Buy on dips.
5. REC
Current Market Price (CMP) - Rs 270
The stock has formed Doji candle on daily chart that indicates incisiveness in counter. However Continuously negative close on weekly chart suggest negative stance. It is performing below all moving averages and RSI is in favor of bear. We recommend to sell with stop loss.
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