Broking firm Marwadi Shares & Finance (MSFL) has recommended following five technical calls for this week (July 6-July 10):
1. Indusind Bank
Current Market Price (CMP) - Rs 893
"An ''Engulfing bullish'' formation on daily chart indicates strength in counter. On weekly Front : Three white soldier supports the positives stance. Short term DEMAs have given positive crossover and RSI is in favor of bull. Therefore, we recommend to buy with stop loss of 840."
2. CESC
Current Market Price (CMP) - Rs 551
"The stock has formed bearish candle on daily chart. Additionally, it is facing strong resistance near to 575 on trend line and 100 DEMA also placed at 577 which is acting as strong resistance. RSI and stochastic oscillator have given positive crossover. So, we recommend to sell with stop loss."
3. HCL Tech
Current Market Price (CMP) - Rs 965
"The stock has formed bullish candle on daily chart. It is trading in Rounding bottom pattern and expected to complete near to 1012.The stock has strong support of 900 on daily chart. RSI and stochastic oscillator have given +ve crossover. So, we suggest to go long on dips."
4. IRB
Current Market Price (CMP) - Rs 236
"The stock has formed ''Engulfing bearish'' formation on daily chart. It is trading in downward channel that indicates negative stance. It is moving towards south to test arm of that channel. Momentum indicators RSI and stochastic are expected to give negative crossover. Therefore, we recommend to sell with stop loss."
5. Indian Oil Corporation (IOC)
Current Market Price (CMP) - Rs 417
"A bunch of white candle on daily chart and A strong bullish candle with spicy volume on weekly chart suggest strength in counter. Additionally , it has given smart break out of resistance. However, RSI and stochastic oscillator are trading in oversold territory. Therefore, we recommend to buy on dips."
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