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28 May, 2018 04:52 IST
Ruchit Jain on how to trade in GAIL, TCS and PC Jewellers
Source: IRIS | 27 Jun, 2017, 06.10PM
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  Ruchit Jain, Technical Analyst at Angel Broking has recommended trading strategies on Ruchit Jain on how to trade in GAIL, Tata Consultancy Services (TCS) and PC Jewellers. He gave following rationale for technical strategies:

Last Close-Rs. 359.70

''Post the recent corrective move, the stock is currently trading near its '200 SMA' support on the daily chart. Around the mentioned support, the prices have formed a Bullish 'AB=CD' pattern, which is a positive sign. The 'Stochastic' oscillator, on the daily chart, too is giving positive crossover which could lead to positive momentum. Considering the above technical setup, there is higher probability of a pullback move in the stock in near term. Hence, we advise traders to buy this stock around current levels and on declines upto Rs 355 for a target of Rs 382 over the next 14-21 sessions. The stop loss should be fixed a Rs 346.''

2. Tata Consultancy Services (TCS)
Last Close-Rs. 2342.85

''This stock has been forming a 'Higher Top Higher Bottom' structure on the daily chart. Post the recent correction in prices, the stock is currently trading tad above its rising trendline support which coincides with the 78.60% retracement of the previous corrective move. Also, the '200 SMA' support on the daily chart is placed around the trendline and retracement support, which is seen in the range of Rs 2325-2340. Hence, we believe the stock has limited downside in near term and is poised for a pullback move from the mentioned support zone. Hence, we advise traders to buy this stock around Rs 2340 and on dips to Rs 2325 for a target of Rs 2440 over the next 14-21 sessions. The stop loss should be fixed at INR2290.''

3. PC Jewellers
Last Close-Rs. 492.45

''After the recent upmove in the stock, the prices had formed a 'Shooting Star' pattern on the weekly charts. The mentioned pattern was a trend reversal pattern and the prices have confirmed the same in the following week. Now, if we observe the monthly charts, it seems that the stock is about to form a reversal pattern on the monthly charts as well which would be negative for the stock in medium term. Thus, in near term, we expect the stock to retrace the previous uptrend and thus, we advise traders to sell the stock at current prices and on rallies upto Rs 497 for a target of Rs 455 in next 5-10 trading sessions.  The stop loss should be fixed at Rs 515.''

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