Top 5 trading ideas for the week:
Cairn India Ltd: 'Buy on dips'
The share price of Cairn Ind. has been trading in a rising channel for past few days. In the last week stock has registered a breakout from this rising channel. The stock has also managed to close above its cluster of moving averages.
The momentum indicator is also rolling upward. The above mentioned evidences suggest that the stock is likely to head towards the levels of Rs 355/368 in the near future. We recommend a buy at current level and again on dip up to Rs 338—340 with a stop loss placed below Rs 332.80 for the above mentioned targets.
Biocon Ltd: Stock showing bullish signs
The price of Biocon appears to be forming an 'Inverted head and shoulder' pattern on the daily chart. A breakout from the said pattern would be confirmed when the price breaks above the neckline level of Rs 255 levels. Another sign of strength is that the price of Biocon has been sustaining above its key moving average clusters over the past few trading sessions.
The momentum indicator is also in rising mode. Traders can look to buy on a break above Rs 256.50 levels with a stop loss placed below Rs 248.8 levels for upside targets of Rs 262/270/275 levels.
Yes Bank Ltd: Stock showing weakness, trading below important averages
The price of Yes Bank has been rising after registering a low of Rs 294 and trading in a rising channel for past few weeks. In the last week the stock has registered a breakdown from this rising channel. Currently the stock is also trading below its cluster of moving averages as well as lower Bollinger band.
The momentum indicator is also declining. We recommend a 'sell' now and again on rise up to Rs 347 - 350 levels with a stop loss placed above Rs 356.20 for the targets of Rs 335/ 326.50 /320.
BGR Energy Ltd: Traders can look to 'sell' on rise
The price of BGR Energy has registered a head and shoulders breakdown during the previous session. This is a bearish formation and the measuring implication of the pattern suggests that the price can decline to levels of Rs 247 and/or 218 levels. The stock is also trading below its cluster of moving averages as well as lower Bollinger band.
The momentum indicator has turned into sell mode which displays weakness in the counter. Thus, traders can look to sell 50 per cent at current levels and on rise to Rs 266-267.50 levels with a stop loss placed above Rs 272.60 levels, for the target of Rs 255 / 248 /240.
Praj Industries Ltd: Stock broken down from its key support level
The price movement of Praj Industries Ltd. was trading in sideways range after witnessing sharp fall from the highs of Rs 92.45 to the lows of Rs 50.10. In the last week the stock has registered a breakdown from its key support level of Rs 50.10.
The stock is also trading below its cluster of moving averages as well as lower Bollinger band. The momentum indicator is also gaining downward momentum.
We recommend traders to sell 50 per cent at current levels and on rise to Rs 48.50-49 levels with a stop loss placed above Rs 50.20 levels, for the target of Rs 45.20/43.50 /42.
The views and recommendations expressed in this section are the analysts' own
Cairn India Ltd: 'Buy on dips'
The share price of Cairn Ind. has been trading in a rising channel for past few days. In the last week stock has registered a breakout from this rising channel. The stock has also managed to close above its cluster of moving averages.
The momentum indicator is also rolling upward. The above mentioned evidences suggest that the stock is likely to head towards the levels of Rs 355/368 in the near future. We recommend a buy at current level and again on dip up to Rs 338—340 with a stop loss placed below Rs 332.80 for the above mentioned targets.
Biocon Ltd: Stock showing bullish signs
The price of Biocon appears to be forming an 'Inverted head and shoulder' pattern on the daily chart. A breakout from the said pattern would be confirmed when the price breaks above the neckline level of Rs 255 levels. Another sign of strength is that the price of Biocon has been sustaining above its key moving average clusters over the past few trading sessions.
The momentum indicator is also in rising mode. Traders can look to buy on a break above Rs 256.50 levels with a stop loss placed below Rs 248.8 levels for upside targets of Rs 262/270/275 levels.
Yes Bank Ltd: Stock showing weakness, trading below important averages
The price of Yes Bank has been rising after registering a low of Rs 294 and trading in a rising channel for past few weeks. In the last week the stock has registered a breakdown from this rising channel. Currently the stock is also trading below its cluster of moving averages as well as lower Bollinger band.
The momentum indicator is also declining. We recommend a 'sell' now and again on rise up to Rs 347 - 350 levels with a stop loss placed above Rs 356.20 for the targets of Rs 335/ 326.50 /320.
BGR Energy Ltd: Traders can look to 'sell' on rise
The price of BGR Energy has registered a head and shoulders breakdown during the previous session. This is a bearish formation and the measuring implication of the pattern suggests that the price can decline to levels of Rs 247 and/or 218 levels. The stock is also trading below its cluster of moving averages as well as lower Bollinger band.
The momentum indicator has turned into sell mode which displays weakness in the counter. Thus, traders can look to sell 50 per cent at current levels and on rise to Rs 266-267.50 levels with a stop loss placed above Rs 272.60 levels, for the target of Rs 255 / 248 /240.
Praj Industries Ltd: Stock broken down from its key support level
The price movement of Praj Industries Ltd. was trading in sideways range after witnessing sharp fall from the highs of Rs 92.45 to the lows of Rs 50.10. In the last week the stock has registered a breakdown from its key support level of Rs 50.10.
The stock is also trading below its cluster of moving averages as well as lower Bollinger band. The momentum indicator is also gaining downward momentum.
We recommend traders to sell 50 per cent at current levels and on rise to Rs 48.50-49 levels with a stop loss placed above Rs 50.20 levels, for the target of Rs 45.20/43.50 /42.
The views and recommendations expressed in this section are the analysts' own
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