INSUBCONTINENT EXCLUSIVE:
The bulls took charge of the benchmark equity indices last week, with the NSE Nifty index and BSE Sensex advancing over 2 per cent each for
The 50-share Nifty index jumped 268 points to 11,278 on July 27 from 11,010 on July 20, while the Sensex gained 840 points to 37,336 from
The bias has turned positive, but chances of a small correction cannot be ruled out
Lilladher.
Based on various brokerage recommendations, here is a list of 10 trading strategies that investors can look at over the next 7-21
sessions:
Analyst: Milan Vaishnav, Technical Analyst, Gemstone Equity Research and AdvisoryPiramal Enterprises | Buy | Target: Rs 2,795 |
Stop Loss: Rs 2,580After remaining in a corrective downtrend and then in a broad trading range for most part of the year, this stock has
seen a breakout from an ascending triangle pattern
Post breakout, the stock suffered a throwback and returned to the level from where it broke out
A couple of signals have emerged, which point towards likely resumption of the upward move
The weekly MACD charts stay in continuing buy mode, while the weekly RSI has marked a fresh 14-period high, which is a bullish signal, and
it is also seen breaking out of a pattern
The prices closed above the upper Bollinger band, but pulled back inside temporarily
There are high chances of price moving higher
Any move below Rs 2,580 will be negative for the stock.
Godrej Industries | Buy | Target price: Rs 700 | Stop loss: Rs 615This stock tested
the high of Rs 697 a year back and has since remained in a broad trading range for a long time
It remained in a slightly sloping channel while in a corrective decline
It formed a base in the Rs 500-550 zone and has attempted to move out of the corrective channel
At present, the stock has broken out of a pattern
Weekly RSI has marked a fresh 14-period high and this is bullish
It is seen marking higher bottoms and is also seen breaking out of a pattern
On-Balance Volume or OBV has already marked a fresh high
Prices have ended outside the upper Bollinger band on both time frame charts
Though a temporary pullback inside the bands cannot be ruled out, there are high chances that the breakout may continue
Any move below Rs 615 will be negative for the stock.
Analyst: Aditya Agarwala, Technical Research Analyst, YES Securities (India)JK Lakshmi
Cement | Buy | Target price: Rs 362/375 | Stop loss: Rs 323On the daily chart, JK Lakshmi Cement is on the verge of a breakout from an
Ascending Triangle pattern whose neckline placed at Rs 348
A breakout and sustained trade above the pattern neckline will resume the uptrend taking the stock higher
On the weekly chart, it has reversed making a higher bottom and tweezers bottom bullish candlestick suggesting bull strength
RSI has turned upwards after taking support at the previous support level of Rs 335 level, indicating a range shift in favour of the bulls
The stock can be bought in the range of Rs 341-343 for targets of Rs 362-375; keeping a stop loss below Rs 323.
Alembic Pharmaceuticals |
Buy | Target price: Rs 625/680 | Stop loss: Rs 540On the weekly chart, Alembic Pharmaceuticals has broken out from a Wedge pattern neckline
triggering resumption of the bull trend
Further, a sustained trade above Rs 575, which was the recent peak, can extend the uptrend to Rs 625-680 levels
On the daily chart, the stock has broken out of a consolidation phase with healthy volumes, suggesting bullishness
On the daily chart, the RSI has turned upwards after breaking out of the upper Bollinger Band and entering in the bull zone affirming the
strong bullishness dominant in the stock
The stock can be bought in the range of Rs 575-579 for targets of Rs 625-680, keeping a stop loss below Rs 540.
Mazhar Mohammad, Chief
the recent correction from the high of Rs 284, this counter appears to be in a consolidation mode around the Rs 240 mark from where it can
initiate a decent pullback rally
However, it can encounter some resistance around the Rs 249 mark, but once that level is conquered, the momentum shall pick up on this
Hence, positional traders should make use of current consolidation phase and go long for a target of 280
Stop loss suggested for the trade is below Rs 230 on a closing basis.
Vijaya Bank | Buy | Target price: Rs: 74 | Stop loss: Rs 52This
counter appears to have started a fresh leg of upswing from the recent lows of Rs 49 from where it has swiftly moved to erase the major part
of the multi-week losses witnessed from the high of Rs 65 in a single week
Considering the fact that this counter has rallied around 15 per cent in last two sessions, traders should adopt a two-pronged strategy of
buying now and adding further on declines in the zone of Rs 58-55
On continuation of this strong upward move, this counter can be expected to test its interim top of Rs 76
Positional traders shall plan fresh longs as suggested for a target of Rs 74 with a stop below Rs 52 on a closing basis.
Jindal Steel and
Power | Buy | Target price: Rs 227 | Stop loss: Rs 190After the recent correction from the high of Rs 265, this counter appears to have hit
the bottom at a recent low of Rs 177 from where it has swiftly rallied last week signalling a short term bottom around those levels
Hence, sustaining above the said levels this rally shall retrace at least 62% of its last leg of fall from the interim top of Rs 265 to a
Hence, positional traders shall buy into this counter for an initial target of Rs 227 with a stop loss below Rs 190 on a closing
basis.
Vaishali Parekh, Head-Technical Desk, Prabhudas LilladherCrompton Greaves Consumer | Buy | Target price: Rs 270 | Stop loss: Rs
230This stock has seen a good bounce from the bottom made at around Rs 215 level and it has moved past the significant 200-DMA moving
average to show strength for further upward rally and with the RSI also on the rise indicating a trend reversal the bias has become further
With good volume participation witnessed, the analyst recommended a buy in this stock for an upside target of Rs 270, keeping a stop loss at
Rs 230.
Motherson Sumi |Buy | Target price: Rs 342 |Stop loss: Rs 304This stock has given a good rally from the bottom made near Rs 280
level and currently a breakout has been maintained moving above the previous consolidation levels of Rs 310-314, signalling strength and has
the potential to rise further with a positive bias
The RSI has been strong which is on the rise and also the MACD has recently turned its trend to positive
With volume participation increasing in recent times, Parekh recommend a buy in this stock for an upside target of Rs 342 keeping a stop
loss of Rs 304.
Nagaraj Shetti, Technical Research Analyst, HDFC SecuritiesCESC | Buy | Target price: Rs 1,060 |Stop loss: Rs 895CESC, as
per weekly timeframe was moving in a larger consolidation band in the last few months
The consolidation pattern has occurred at the key lower support of Rs 870 level, which is also considered as an important reversal pattern
Formation of long bull candle with long lower shadow is indicating an emergence of buying interest from the lows
A rise in volume and positive indication by the momentum oscillator is suggesting a long trading set up
Buying can be initiated at the current market price, look to add more on dips down to Rs 910, and hold for the upside target of Rs 1,060 for
Place a stop loss at Rs 895.
(Views and recommendations given in this section are the analysts' own and do not represent those of
Please consult your financial adviser before taking any position in the stock/s mentioned)Top stocks to buy this week28 Jul, 2018The
domestic equity market witnessed a euphoric rally, albeit a fractured one, in recent times
The Sensex settling above 37,000 and the Nifty topping 11,250 in a first bore the tell-tale signs of a growing market clout
Let's check out stocks that look good on technical charts for week.Piramal Enterprises | BUY | Target Price: Rs 279528 Jul, 2018After
remaining in a corrective downtrend and then in a broad trading range for the most part of the year, the stock has given a breakout from an
ascending triangle pattern
However, post breakout, it suffered a throwback and returned to the level from where it broke out
Couple of signals have emerged which point towards likely resumption of the up move
Weekly MACD stays in continuing buy mode
Weekly RSI has marked a fresh 14-period high which is bullish, and it is also seen breaking out of a pattern
The prices closed above the upper Bollinger band but pulled back temporarily inside
There are high chances of price moving higher
Any move below 2580 will be negative for the stock.GP Petroleums | BUY | Target Price: Rs 9628 Jul, 2018After testing highs around 96 in
early 2018, the stock remained in a corrective downtrend
After finding bottom in the 70-75 zones, the stock has marked a successful reversal after breaking out from a symmetrical triangle formation
The stock has ended above the Bollinger band
The bands are over 30% narrower-than-normal
All this cumulatively can result into a breakout and its continuation subsequently
Weekly MACD stays in continuing buy mode
Weekly RSI has marked a fresh 14-period high
It is seen marking higher bottoms and is also seen breaking out from a formation
Upward revision of prices in coming days can be expected
Move below 78 would be negative for the stock.Godrej Industries | BUY | Target Price: Rs 70028 Jul, 2018The stock tested highs of 697 a year
before and then has remained in a broad trading range for a long time
It remained in a slightly sloping channel while in a corrective decline
It formed a base in the 500-550 zones and has attempted to move out of the corrective channel
Presently to stock has broken out of a pattern
Weekly RSI has marked a fresh 14-period high and this is bullish
It is seen marking higher bottoms and is also seen breaking out of a pattern
Prices have ended outside the upper Bollinger band on both time frame charts
Though a temporary pullback inside the bands cannot be ruled out, there are high chances that the breakout may continue
Move below 615 will be negative for the stock.Emami | BUY | Target Price: Rs 60028 Jul, 2018After testing highs around 682, the stock
witnessed corrective decline though it stabilized in the 500-515 zones
For past couple of months, it has traded sideways in a 505-560 zone as it formed a trading range for itself
Couple of signals have emerged which point towards likely resumption of any up move in prices
Weekly MACD stays in continuing buy mode
Weekly RSI too has marked a fresh 14-period high which is bullish
It is also seen breaking out of a pattern
The prices have ended above the upper Bollinger band and this increases the possibility of a breakout after a minor consolidation
Any move below 548 will be negative for the stock.
