IDBI Capital
1. Dish TV India - (Duration: 4-5 weeks)
'Sell' at cmp and on rallies to Rs 82 for a target of Rs 74 with a strict stop loss placed above Rs 83.60.
Yesterday, Dish TV has formed a Bearish Candle on the daily charts. The stock has managed to close below the multiple supports of 80.60 in the overbought region. On the oscillator's front; RSI & MACD have indicated a negative crossover on the daily charts. Therefore, traders can sell the stock at cmp and on rallies to Rs 82 for a target of Rs 74 with a strict stop lossplaced above Rs 83.60.
Yesterday, Dish TV has formed a Bearish Candle on the daily charts. The stock has managed to close below the multiple supports of 80.60 in the overbought region. On the oscillator's front; RSI & MACD have indicated a negative crossover on the daily charts. Therefore, traders can sell the stock at cmp and on rallies to Rs 82 for a target of Rs 74 with a strict stop lossplaced above Rs 83.60.
2. Eros International Media - (Duration: 4-5 weeks)
'Buy' on dips to Rs 164 for a target of Rs 190 with a strict stop loss placed below Rs 157.
Yesterday, Eros Media has formed an Engulfing Bullish Candle on the daily charts. The stock is consolidating within a rectangular channel were yesterday it witnessed a strong buying interest near 160.On the oscillator's front; RSI & MACD are placed with a positive crossover on the daily charts. Therefore, traders can buy the stock on dips to Rs 164 for a target of Rs 190 with a strict stop loss placed below Rs 157.
Way2wealth Securities
3. Bharat Heavy Electricals (BHEL)-(Duration 1 week)
'Sell' at CMP Rs 264 for target of Rs 240-234 with stop lossRs 274.
The stock seems to have completed a five wave rise from the lows of Rs 203 levels till the recent swing high of Rs 273. Now, a minimum of 38.2% retracement of the recent rise is expected which can get back the prices to around Rs 240 which coincides with the swing low of previous wave 4. So, one can initiate short positions with a stop loss of 274 and a minimum target of Rs 240 and below that the downside will extend till Rs 234 i.e. 50% retracement level which coincides with the mean of the Bollinger bands. The Daily MACD continues to be in buy mode and above zero reference line; however, based on the wave structure the risk-reward ratio is favorable for the bears from here on.
4. Tata Steel (Duration 1 week)
'Buy' above Rs 417 for target of Rs 470 - 503 with stop loss Rs 400.
The stock is trading sideways in a narrow range of approximately Rs 417-393. In that process it seems to be forming a rectangular pattern in its right shoulder of an inverted head and shoulders pattern. So, a move above Rs 417 will confirm the breakout not only from a bullish H&S but also from the downward sloping parallel channel. The conservative target of the pattern is Rs 470 and the aggressive target is beyond the previous intermediate swing high of Rs 503.
5. ICICI Bank (Duration 1 week)
'Sell' near Rs 1080 for target of Rs 1020 with stop loss Rs 1106.
The stock seems to be forming an expanded flat pattern which can take the prices below the swing low of Rs 1051 levels. However, till Rs 1051 is not broken the chances of an extension in the fifth wave remains open. So, the high risk traders can initiate short positions in anticipation of wave c down of an expanded flat. The initial target will be Rs 1020 i.e.38.2% retracement level as well the mean of the Bollinger bands, whereas, the stop loss will be Rs 1106.
Marwadi Shares & Finance (MSFL)
6. Hindalco Industries (Duration 1 week)
The stock has closed above 200 DMA and bunch of white candle on daily chart indicates upside potential. Daily and weekly RSI is trading into positive territory and Positive close on daily and weekly chart suggest bullish stance therefore we recommend buying on dips.
7. Hero MotoCorp (Duration 1 week)
The stock is facing strong resistance of 200 DEMA on daily chart near to Rs 1929 and trading below short term and medium term DEMA. Daily and weekly RSI is trading into negative zone therefore we recommend selling near Rs 1850 with stop loss of Rs 1932.
8. Housing Development and Infrastructure (HDIL)- (Duration 1 week)
A bunch of white candle in higher top higher bottom formation coupled with increasing volume indicates bulls are in game. It is trading above all moving averages. However RSI and stochastic oscillator trading in overbought territory therefore we recommend buying on dips.
9. Tata Motors- (Duration 1 week)
A Positive closed on daily and weekly chart with above average volume indicates strength. It is moving in higher top higher bottom formation and it is corrected 18 point of current rally (Rs 233 to Rs 280) therefore it expected to extent up to Rs 298 (Rs 280+218). We recommend buying on dips.10. Rural Electrification Corporation (REC)- (Duration 1 week)
The stock is trading above all moving averages and it has managed positive closed in daily & weekly chart indicates upside potential. Daily RSI has given positive crossover and weekly RSI is in favor of bull therefore we recommend buying on dips.
Shilpa Stock Broker (SSBPL)
11. Punjab National Bank (PNB) - (Duration 1 week)
'Sell' below Rs 801 for target of Rs 780 with stop loss of Rs 811.
After flat opening stock has witnessed selling pressure throughout the day and finally ended with 'Long Black Candle' a bearish candlestick pattern on daily chart. 3 days EMA has given negative crossover to 8 days EMA and 14 days RSI is also generating sell signal on chart.
RK Global Shares & Securities
12. Tata Motors - (Duration 5-7 days)
'Sell' below Rs 270 for target of Rs 260 with stop loss (on daily closing basis) Rs 275.
The stock reacted down sharply from its mid-term trend lineresistance and closed on weak note. It finished off the day with a black body bearish candle pattern just at another trend line support. We observed negative divergence in daily RSI along with -DI/+DI bearish cross down. Chart pattern suggeststhe stock would get into a retracement mode till its next crucial support level Rs 260.
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