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19 June, 2018 06:50 IST
Devang Shah on how to trade in Infosys, Exide and Marico
Source: IRIS | 08 Jun, 2018, 04.54PM
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Devang Shah, Technical Analyst at Angel Broking has recommended trading strategies on Infosys, Exide Industries and Marico. He gave following rationale for technical strategies:

1. Infosys 
View-Bullish
Last Close-Rs. 1260

''The stock seems to be enjoying its multi-year Bull Run. From a slightly broader perspective, this IT heavyweight counter completed its Bullish Cup & Handle' breakout at 1221 level on weekly chart. In addition, on daily chart prices have closed above major moving averages i.e. 50DEMA and 200DEMA. Further, the 'stochastic' on daily chart still is sloping in the northward direction, providing credence to the recent price action. Thus, we recommend buying this stock at current levels for a target of Rs 1394 over the next 10-15 sessions. The stop loss should be fixed at Rs. 1187.''

2. Exide Industries
View-Bullish
Last Close-Rs. 258.50

''After a consolidation, the stock prices have given a 'channel breakout' on the weekly chart. In addition, prices are well above 10DEMA, indicating short term bullishness in the counter. Among the oscillators, RSI is indicating positive movement & on weekly chart, MACD is reflecting a positive bias. Further, if we analyze 'Bollinger Bands', it clearly reflects bullish view for the coming sessions. Considering all the above scenarios, we recommend buying this stock at current levels for a target of Rs 288 over the next 10-15 sessions. The stop loss should be fixed at Rs. 241.''

3. Marico
View-Bullish
Last Close-Rs. 343.65

''At current juncture, formation of 'Rectangle' channel pattern is observed hence we are witnessing signs of bullish resumption with prices breaking above the recent congestion zone. Among the momentum oscillators, Stochastics has generated bullish crossover on weekly chart signaling a positive direction. Also RSI is in northward direction and generating a strong positive signal. In addition, prices are well above the 10DEMA & 50 DEMA which clearly indicates the uptrend in the coming sessions. Thus, we recommend buying this stock at current levels for a target of Rs 378 over the next 10-15 sessions. The stop loss should be fixed at Rs. 323.''

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