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19 December, 2018 19:24 IST
Jay Purohit on how to trade in Tata Elxsi, Engineers India and Cholamandalam Investment
Source: IRIS | 11 Apr, 2017, 06.49PM
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Jay Purohit, Technical Analyst at Angel Broking has recommended trading strategies on Tata Elxsi, Engineers India and Cholamandalam Investment. He gave following rationale for technical strategies:

1. Tata Elxsi
View-Bullish
Last Close-Rs. 1573.95

''After the sharp rally from Rs. 1021.25 to Rs. 1498, the stock has started moving in sideways direction. The consolidation phase of last three months has resulted into formation of 'Symmetrical Triangle' pattern on daily chart. Last week, we witnessed a breakout from the mentioned pattern with healthy volumes. The set of 'Moving Averages' (E5, E20 & E89) are placed positively along with 'Parabolic SAR' indicator on both daily and weekly chart. Also, the 'RSI' oscillator on both daily and weekly chart is indicating strength in the counter. Considering all the above technical evidences, we are expecting decent rally in the counter. Thus, we advise traders to buy this stock in range of Rs. 1550-Rs. 1560 for a target of Rs. 1700 over the next 14 to 21 sessions. The stop loss should be fixed at Rs. 1480.''

2. Engineers India
View-Bullish
Last Close-Rs. 154.40

''After a remarkable outperformance in last year, the stock has started moving in sideways direction. From last few weeks, the stock has been taking support around '100 EMA' on daily chart. In the consolidation phase of last three months has resulted into formation of 'Flag' pattern on weekly chart. Today, we witnessed a breakout from mentioned pattern with decent volumes. In addition, the 'RSI' oscillator on daily chart has traversed the 60 mark in the upward direction, which we believe would provide the impetus for the strong up move in the near term. Looking at the current structure, we are expecting resumption in uptrend. Thus, we advise traders to buy this stock at current levels to a decline up to Rs. 153 for a target of Rs. 168 in upcoming sessions. The stop-loss should be kept at Rs. 148.''

3. Cholamandalam Investment
View-Bullish
Last Close-Rs. 1078.35

''Post a decent rally, the stock has been oscillating range-bound from last few months. Recently, prices have given breakout from the 'Falling Trendline'resistance with noticeable volumes. The 'RSI Smoothened' oscillator on weekly chart has given positive crossover with its average, indicating probability of a positive momentum in near term. The ‘Parabolic SAR’ on the daily as well as weekly chart is in 'Buy' mode and the short and medium term moving averages are also indicating strength in the counter. Thus, we advise traders to buy the stock from current level to a decline up to Rs. 1065 for a target of Rs. 1230 in coming 2-3 months. The stop-loss can be placed at Rs. 975.''

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