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17 December, 2018 06:02 IST
Rajesh Bhosale on how to trade in Bharat Forge, PFC and Bata India
Source: IRIS | 31 Oct, 2018, 10.16AM
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Rajesh Bhosale, Technical Analyst at Angel Broking has recommended trading strategies on Bharat Forge, Power Finance Corporation (PFC) and Bata India.

1. Bharat Forge
View-Bullish
Last Close-Rs. 569.50

''Post the sharp selloff seen in the September month from the levels of 693 levels; the October month has been more of a base formation on the strong support of 200WSMA. On the daily chart, we are witnessing bullish reversal signs with the formation of bullish candlestick pattern and positive crossover in the RSI-smoothened oscillator. On the lower time hourly charts, we are witnessing a bullish range breakout after trading in a range of 540 to 560 for the last five sessions. Looking at all the above scenario, we sense a strong up move in the counter in the near term. Thus, we recommend buying this stock at current levels for a target of 598 over the next 5-10 sessions. The stop loss should be fixed at Rs 552.''

2. Power Finance Corporation (PFC)
View-Bullish
Last Close-Rs. 91.55

''For the last five months the stock had been trading in a broad range of 65 to 90 and prices have now broken the range on the higher side indicating that the momentum is now gripped by bulls. In addition, we are witnessing first higher top higher bottom price cycle in many months which reflects a bullish price cycle. On the daily chart, prices have now closed above all the major moving averages i.e. 20DSMA, 50DSMA, and 200DSMA which indicate overall bullishness in the counter. Thus, we recommend buying this stock at current levels for a target of Rs 104 over the next 5-10 sessions. The stop loss should be fixed at Rs 85.'' 

3. Bata India
View-Bullish
Last Close-Rs. 939.55

''After a strong outperformance from the start of the calendar year from the levels of 700 to 1115, the stock prices went into a correction mode along with the broader markets. The said correction got arrested twice around the 61.8% retracement of the above-mentioned rally and price have now bounced sharply in the last few session indicating early signs of a double bottom formation. Oscillator's front the indicator is already trading above previous top supporting the pre-emptive bullish signal. Technically, the higher top higher bottom on the weekly chart is still intact and the recent price correction seems to be a buying opportunity. Thus, we recommend buying this stock at current levels for a target of Rs 1030 over the next 5-10 sessions. The stop loss should be fixed at Rs 900.''

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