Technical Outlook & Trading Strategy:-
The share price movement of Kotak Mahindra Bank appears to be taking form of a Head & Shoulder pattern.
A Head & Shoulder is a bearish pattern as it is associated with sharp price decline once the share price records a breakdown from its neckline.
In the case of Kotak Mahindra Bank the neckline is placed at the levels of Rs 454. The measuring implications of the pattern suggest that following a breakdown the share price could head towards the following price levels: Rs 438 /Rs 430.
We recommend traders to sell below above Rs 454 with a stop placed above Rs 465.70 for the above mentioned target.
Thursday, September 29, 2011
Wednesday, September 28, 2011
TRADING RECOMMENDATIONS TTK Prestige
Technical Outlook & Trading Strategy:-
The share price of TTK Prestige has found good support at the rising trend line support placed at Rs 2560.
The stock has taken support on couple of occasions in the past & has been moved decisively on upside, which is bullish sign.
Hence we expect the bounce back to continue to following levels: Rs 2745/ Rs 2830.
We recommend buy at current level and again on pullback to the levels of Rs 2600- Rs 2590 with a stoploss placed below the Rs 2544.40 levels.
The share price of TTK Prestige has found good support at the rising trend line support placed at Rs 2560.
The stock has taken support on couple of occasions in the past & has been moved decisively on upside, which is bullish sign.
Hence we expect the bounce back to continue to following levels: Rs 2745/ Rs 2830.
We recommend buy at current level and again on pullback to the levels of Rs 2600- Rs 2590 with a stoploss placed below the Rs 2544.40 levels.
TRADING RECOMMENDATIONS Wipro
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.
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.
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