S.NoC
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The week ended 28 September, Nifty witnessed resistance around 5740 levels. The index consolidated at higher levels after registering breakout from the key resistance levels last week.
In the month of September alone, the index has rallied almost 520 points (on high low basis). However, the index would need to close above 5750 level and only move above that levels would lead to a very bullish scenario and would infuse strong momentum on the upside towards the level of 5850/ 5948.
Any decline from current levels would garner support at the levels of 5630 /5526 / 5447.50
1) Sun TV Ltd: Double-bottom breakout on the charts The price of SUN TV has corrected sharply from the highs of Rs 556.90 levels to register a low of Rs241.10. But, over the past few weeks the stock has taken support around the Rs228 levels and has made a double bottom formation.
Another key observation to be made on the charts is that the up move seen during Friday's session leads a breakout from the above mentioned pattern. It was on the back of robust volumes which indicates buying interest in the counter. The momentum indicator has also given a buy signal. All of the above technical evidence is suggesting a trend reversal.
We recommend buying at current levels and again on dips to Rs342 --345 levels with a stop placed below Rs337.40 for an initial target of Rs362/375/390 in the coming sessions.
2) Havells India Ltd: Rising channel breakout
The price of Havells witnessed a smart up move during this week. But, the most important observation to be made on the daily charts is that the price of Havells has registered a breakout from a rising channel, which is a consolidation pattern. The stock has also made an all-time high of Rs636.65.
Thus, sustaining above the Rs637 levels the stock can head towards the levels of Rs648/660 /675. The momentum indicator has given a fresh breakout. We suggest traders to buy now and in the range of Rs615-620 levels with a stop placed below Rs602.80 for above mentioned targets.
3) IndusInd BankBSE 3.37 % Ltd: Consolidation breakout on the upside
The price of Indusind Bank Limited had registered breakout from an ascending triangle. Since then the stock retested breakout levels and consolidated at higher levels. In Friday's session the stock witnessed breakout from this consolidation.
Currently the stock is also sustaining above cluster of moving averages. The momentum indicator is rolling upward. In the short term we expect the price to rise towards the target of Rs368/380 levels over the upcoming few sessions of trade. Follow a stop loss below Rs343.40.
The share price of Titan Industries has been trading in a narrow range and is also sustaining above 200-days moving average since Feb. 2012. In this past week the stock has registered a breakout from this consolidation range and closed above upper Bollinger band.
On the weekly line chart the stock has closed at its all-time high. The momentum indicator is gaining an upward momentum. We recommend a BUY at current level and again on dips up to Rs256-258 with a stop loss placed below Rs253.40 for the targets of Rs270/278/285.
5) Kotak Mahindra BankBSE 0.69 % Ltd: Indicator is gaining upward momentum
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The week ended 28 September, Nifty witnessed resistance around 5740 levels. The index consolidated at higher levels after registering breakout from the key resistance levels last week.
In the month of September alone, the index has rallied almost 520 points (on high low basis). However, the index would need to close above 5750 level and only move above that levels would lead to a very bullish scenario and would infuse strong momentum on the upside towards the level of 5850/ 5948.
Any decline from current levels would garner support at the levels of 5630 /5526 / 5447.50
1) Sun TV Ltd: Double-bottom breakout on the charts The price of SUN TV has corrected sharply from the highs of Rs 556.90 levels to register a low of Rs241.10. But, over the past few weeks the stock has taken support around the Rs228 levels and has made a double bottom formation.
Another key observation to be made on the charts is that the up move seen during Friday's session leads a breakout from the above mentioned pattern. It was on the back of robust volumes which indicates buying interest in the counter. The momentum indicator has also given a buy signal. All of the above technical evidence is suggesting a trend reversal.
We recommend buying at current levels and again on dips to Rs342 --345 levels with a stop placed below Rs337.40 for an initial target of Rs362/375/390 in the coming sessions.
2) Havells India Ltd: Rising channel breakout
The price of Havells witnessed a smart up move during this week. But, the most important observation to be made on the daily charts is that the price of Havells has registered a breakout from a rising channel, which is a consolidation pattern. The stock has also made an all-time high of Rs636.65.
Thus, sustaining above the Rs637 levels the stock can head towards the levels of Rs648/660 /675. The momentum indicator has given a fresh breakout. We suggest traders to buy now and in the range of Rs615-620 levels with a stop placed below Rs602.80 for above mentioned targets.
3) IndusInd BankBSE 3.37 % Ltd: Consolidation breakout on the upside
The price of Indusind Bank Limited had registered breakout from an ascending triangle. Since then the stock retested breakout levels and consolidated at higher levels. In Friday's session the stock witnessed breakout from this consolidation.
Currently the stock is also sustaining above cluster of moving averages. The momentum indicator is rolling upward. In the short term we expect the price to rise towards the target of Rs368/380 levels over the upcoming few sessions of trade. Follow a stop loss below Rs343.40.
4) Titan IndustriesBSE 2.91 % Ltd: Fresh buy signal on the charts
The share price of Titan Industries has been trading in a narrow range and is also sustaining above 200-days moving average since Feb. 2012. In this past week the stock has registered a breakout from this consolidation range and closed above upper Bollinger band.
On the weekly line chart the stock has closed at its all-time high. The momentum indicator is gaining an upward momentum. We recommend a BUY at current level and again on dips up to Rs256-258 with a stop loss placed below Rs253.40 for the targets of Rs270/278/285.
5) Kotak Mahindra BankBSE 0.69 % Ltd: Indicator is gaining upward momentum
The share price of Kotak Bank Limited has registered a breakout from the rising wedge pattern. The stock is also sustaining above cluster of moving averages for past couple of days. The measuring implication of the pattern suggests that the price can advance to levels of Rs668 /and/or Rs685 levels. The momentum indicators are in rising trajectory and are in buy mode.
Hence, we recommend buying now and again on dips between Rs638-644 levels with a stop loss placed below Rs628.80 levels, for above mentioned targets.
(The views and recommendations expressed in this section are the analysts' own and do not represent those of this blog)
Hence, we recommend buying now and again on dips between Rs638-644 levels with a stop loss placed below Rs628.80 levels, for above mentioned targets.
(The views and recommendations expressed in this section are the analysts' own and do not represent those of this blog)
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