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24 October, 2018 07:19 IST
Rajesh Bhosale on how to trade in Navin Fluorine, KSCL and Cholamandalam
Source: IRIS | 14 Feb, 2018, 01.37PM
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Rajesh Bhosale, Technical Analyst at Angel Broking has recommended trading strategies on Rajesh Bhosale on how to trade in Navin Fluorine International, Kaveri Seed Company (KSCL) and Cholamandalam Investment and Finance Company. He gave following rationale for technical strategies:

1. Navin Fluorine International
View-Bullish
Last Close-Rs. 825.70

''The stock is in an uptrend continuously moving in a 'Higher Top Higher Bottom' price formation. On the daily chart, stock prices after making a high around 880 levels went into time wise correction phase. The said correction is healthy for the overall uptrend to digest earlier gains. Prices seem to have resumed the primary uptrend as we are witnessing a bullish breakout from a consolidation zone. The said breakout is witnessed with a bullish gap and increase in volume. Looking at all the above scenario, we sense a strong upside in the counter in the near term. Thus, we recommend buying this stock at current levels for a target of Rs 915 over the next 5-10 sessions. The stop loss should be fixed at Rs 780.''

2. Kaveri Seed Company (KSCL)
View-Bearish
Last Close-Rs. 479.30

''In the last couple of months, this stock has been a clear underperformer moving in a lower top lower bottom price formation. Last week we witnessed a breakdown from its crucial support levels around 490 levels which had acted as strong support for last one year. Now as per the 'Change of Polarity' rule previous support is likely to act a strong resistance zone. Hence any bounce towards the 490 levels is likely to act as a fresh sell opportunity. On the daily chart, prices continue to trade below its major moving averages i.e. 20SMA, 50SMA, and 200SMA which indicate overall weakness in the counter.  Thus, we recommend selling this stock at current levels for a target of Rs 440 over the next 5-10 sessions. The stop loss should be fixed at Rs 504.'' 

3. Cholamandalam Investment and Finance Company
View- Bullish
Last Close-Rs 1365.05

''After a lot of whipsaws in both the direction in last few months; the stock prices seem to have captured the primary uptrend with prices closing at all-time high levels with a real white body candle. The said candle is supported with a good increase in volume and positive placement of moving averages. In addition, prices have closed above the higher range of Bollinger band suggesting strong trending up move post-consolidation. Thus, we recommend buying this stock at current levels for a target of Rs 1455 over the next 5-10 sessions. The stop loss should be fixed at Rs 1320.'

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