Broking firm Marwadi Shares & Finance (MSFL) has recommended following five technical calls for this week:
1. Axis Bank
Current Market Price (CMP) - Rs 528
A hammer kind of candle followed by couple of big green candle on daily chart and strong bullish candle followed by spinning top on weekly chart indicates bullish stance. 14 and 200 DEMA have given positive crossover. RSI and SO are situated in over bought zone. So buy on dips.
2. Rural Electrification Corporation (REC)
Current Market Price (CMP) - Rs 158
The Bullish Mat hold formation on weekly chart indicates strength in a counter. Stock is trading above all the DEMAs. Stochastic oscillator has given negative cross over while RSI is trading near over bought zone. Therefore buy with Sl.
3. Cipla
Current Market Price (CMP) - Rs 592
Multiple of spinning top followed by Morning star kind of pattern indicates consolidation zone. 7th DEMA has acted as a strong support from down side. RSI has seen with positive cross over while Stochastic is in over bought zone. So buy with Stop loss.
4. Dr.Reddy's Laboratories
Current Market Price (CMP) - Rs 2887
Three black crows with incremental volume action indicate bear has full command over counter. Stock is trading in lower top lower bottom formation and below all the DEMAs. Stochastic oscillator has given negative cross over while RSI is near over sold zone. So sell on rise.
5. Tata Global Beverages
Current Market Price (CMP) - Rs 139
A big Red candle followed by bearish Engulfing pattern on weekly chart indicates weakness in a counter.21 DEMA has acted as a support for counter while 7th DEMA acted as a resistance from upper side. Stochastic oscillator has given negative cross over. Therefore, sell with stop loss.
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