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.
Saturday, June 25, 2011
Friday, June 24, 2011
TRADING RECOMMENDATIONS 24th June
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.
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.
Thursday, June 23, 2011
TRADING RECOMMENDATIONS 23rd June
Lupin Ltd. CMP—Rs 425.85
Technical Outlook & Trading Strategy:-
The share price movement of Lupin has registered a breakdown from its Head and Shoulder pattern. This
is a bearish formation and the measuring implications suggest that the stock price could decline to the
levels of Rs 412.50 / Rs 404 in the near future. On the oscillators front the ADX has already given a sell
signal with bearish crossover suggesting build up on the downside.
Traders can look to sell at current levels with a stop placed above Rs 438.60 for the aforementioned
targets.
Reliance Media Works Ltd. CMP - Rs 115.30
Technical Outlook & Trading Strategy:-
The share price of Reliance Media works appears to have broken down from its downward sloping trendline support. Such a breakdown is likely to have negative implications for the stock price. We expect strong declines to occur in the next few sessions and believe that the technical set up suggests
that the stock price could test the levels of Rs 111 / Rs 108.
Short positions can be initiated at current level and again on pullbacks to the levels of Rs 117- Rs118 with
a stop loss placed above Rs 119.60
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