Technical Outlook & Trading Strategy:-
The share price of Wipro has registered a break-out above its cluster of moving averages.
The momentum indicators remain in the rising trajectory and indicate strength in the current up-move.
We expect the stock price to test levels of Rs 362/ Rs 374 shortly. We recommend a buy at current level and again on pullback to the levels of Rs 341-Rs 344 with a stop loss placed below the level of Rs 334.80.
Wednesday, September 28, 2011
Tuesday, September 27, 2011
TRADING RECOMMENDATIONS Jindal Steel & Power.
Technical Outlook & Trading Strategy:-
The price of Jindal Steel has made a double top formation and fell sharply from a high of Rs 569.2 levels during last few sessions.
The double top formation is also backed by a heavy volume in the stock. The momentum indicator is also in bearish zone.
Thus, all of the above technical evidence is suggesting more downside. We recommend traders to sell 50% below 508 and again in the range of Rs 512-- – Rs 515 levels with a stop loss placed above Rs 523.6 levels for targets of Rs 490 – Rs 475 levels, expected to be achieved in coming few Sessions.
TRADING RECOMMENDATIONS State Bank of India
Technical Outlook & Trading Strategy:-
The Share price of State Bank of India appears to be forming an Inverted head and shoulder pattern.
A breakout from the said pattern would be confirmed once the share price breaks above the neckline resistance level of Rs 2020.
Traders can look to buy at current price and again on pullback to the levels of Rs 1930- Rs 1920 for the above mentioned first target and place a stop at Rs 1887.80.
Once the stock price trades below Rs 2020, traders can add to long positions with a revised stop placed at Rs 1950.
We believe that if the Inverted Head & Shoulders formation does record a breakout, the stock price could head towards the levels of Rs 2080/ Rs 2130.
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