Devang Shah, Technical Analyst at Angel Broking has recommended trading strategies on Reliance, NBCC and Bajaj Finance. He gave following rationale for technical strategies:
1. Reliance
View-Bullish
Last Close-Rs. 1014.20
''Post its Q4 result announcement, the stock witnessed correction from its recent top. The said correction got arrested around 50% retracement of recent upmove (880-1011). On the daily chart, we sense prices have resumed upmove after taking support on Channel breakout levels. Talking about major moving indicators like oscillator and averages, they continue to trade in positive territory supporting the bullish stand. Considering all the above setup a strong upside from the current levels cannot be ruled out, Thus, we recommend buying this stock at current levels for a target of 1094 over the next 10-15 sessions. The stop loss should be fixed at 962.''
2. NBCC
View-Bearish
Last Close-Rs. 84.90
''This stock has been one of the weakest amongst its peers which is clearly reflecting in the 'lower top lower bottom' formation on the daily chart. Moreover, RSI continues to trade in negative territory below 40 levels supporting our bearish stance. Also, the stock is continuously trading below 50-DEMA indicating further downside in the counter. Thus, we recommend a sell in this stock at current levels for a target of 76 over the next 10-15 sessions. The stop loss should be fixed at 91.''
3. Bajaj Finance
View-Bullish
Last Close-Rs. 2283.60
''The stock seems to be enjoying its multi-year Bull Run. Price-wise its maintaining its uptrend by forming 'Higher top higher bottom' on weekly charts. In addition, prices are well above 10DEMA, indicating short term bullishness in the counter. The stock is trading at all- time high, which shows its outperformance in the recent market turbulence. Further, if we try to analyze 'Bollinger Bands', it clearly goes with our bullish stance on the counter. Considering all above scenarios, a strong upside from current levels cannot be ruled out. Thus, we recommend buying this stock at current levels for a target of Rs. 2536 over the next 3-5 sessions. The stop loss should be fixed at Rs 2144.''
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