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21 January, 2019 03:01 IST
Rajesh Bhosale on how to trade in SRF, Tata Chemicals and Asian Paints
Source: IRIS | 28 Nov, 2018, 10.39AM
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Rajesh Bhosale, Technical Analyst at Angel Broking has recommended trading strategies on how to trade in SRF, Tata Chemicals and Asian Paints. He gave following rationale for technical strategies:

1.SRF
View-Bullish
Last Close-Rs. 2112.55

''The stock is in uptrend continuously moving in a higher top higher bottom price cycle. On the weekly chart, stock prices by closing above the previous swing high of 2080 have confirmed a long term bullish breakout. In addition, we are witnessing a fresh bullish crossover with 89EMA crossing the 200SMA from below. The stock has outperformed the midcap index in the recent few sessions and going with all the above technical indicators we sense a continuation of outperformance by the stock. Thus, we recommend buying this stock at current levels for a target of 2280 over the next 5-10 sessions. The stop loss should be fixed at Rs 2010.''

2. Tata Chemicals
View-Bullish
Last Close-Rs. 709.05

''On the daily chart, the stock prices of TATACHEM after consolidating in a range for the last few sessions have given a breakout on the positive side. The said breakout is supported with above average volume and bullish candle stick pattern. In addition, prices have marked higher top higher bottom which indicate a bullish cycle. Moreover, prices are well above all the major moving averages i.e. 20DSMA, 50DSMA and 200DSMA which indicate overall bullishness in the counter. Looking at all the above scenario a strong upside from the current level cannot be ruled out. Thus, we recommend buying this stock at current levels for a target of Rs 747 over the next 5-10 sessions. The stop loss should be fixed at Rs 689.''

3. Asian Paints
View-Bullish
Last Close-Rs. 1339.60

''The recent sharp correction in the crude prices have been a boon to the paint stocks which have sharply rallied in the last few sessions. The market leader of the segment Asian paints too have seen a good up move and technically it seems it is poised for a further leg of strong up move. On the daily chart, we have witnessed a flag breakout which is a strong bullish pattern. In addition, we witnessed a couple of gaps during the recent rally and the recent second gap which can be taken as a measuring gap indicates a strong positive momentum in the stock. Moreover the averages and oscillators are well positively placed supporting the positive bias. Thus, we recommend buying this stock at current levels for a target of Rs 1432 over the next 5-10 sessions. The stop loss should be fixed at Rs 1296.''

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