Patel Engineering Ltd. CMP—Rs 136.60
Technical Outlook & Trading Strategy:-
The share price of Patel Engineering has taken support & seems to be making a triple bottom at the support levels of Rs 131--Rs 132 levels.
It has shown a reversal bar at this level, suggesting that the bottom is in place.
We expect the stock price to continue its upward movement and believe that it could test levels of Rs 144 / Rs 148 shortly.
We recommend a buy at current price and on pullback to the level of Rs 134--Rs 133 with stop loss placed below Rs 131.Everest Kanto Cylinder Ltd. CMP - Rs 80.05
Technical Outlook & Trading Strategy:-
The EKC has seen a sharp fall from a high of Rs 139.95 on 5th Nov 2010 to a low of Rs 63 on 10th Feb 2011.
Then the stock has retraced 38.2% of the previous fall to a high of Rs 95.15 on 15th June 2011.
The recent pullback has formed the shape of a Rising channel albeit with a slightly longer time frame of twenty odd weeks.
On the daily chart the stock has broken the lower rising trend line of the channel.
The momentum indicators on the daily chart are also in a bearish zone suggesting more downside in the stock.
We recommend traders to sell 50% now and again in the range of Rs 81 – Rs 82 levels with a stop loss placed above Rs 83.6 levels for targets of Rs 75.5 – Rs 72 levels, expected to be achieved over the coming few trading sessions.
