Technical Portfolio Guide
HDFC BANK LTD
CMP: Rs 1,270.80
BSE Code: 500180
I bought 200 shares of HDFC Bank at Rs 1,220 for short-term, after my purchase stock is trading in range. So, what should I do now?
- Meyyappan
M BOOK PROFIT IN HDFC BANK AT CURRENT MARKET PRICE
HDFC Bank Ltd is currently trading at Rs 1,270.80. Its 52-week high/low stand at Rs 1,304.10/ Rs 1,011.50 made on December 19, 2019 and January 31, 2019 respectively. The stock had given a consolidation breakout as on September 20, 2019 and thereafter, bounced gradually till its all time high level. Considering the daily time frame, the stock had recently given breakdown of rising wedge pattern. The leading indicator, 14-period daily RSI is currently quoting at 45.28 and it has moved below its recent swing low, which is bearish. The daily MACD stays bearish as it is trading below its zero line. Moreover, on the directional index, the bearish strength is higher than the bullish strength as +DI is much below the -DI. Considering all the above factors, we recommend you to book profit in HDFC Bank at current market price.
MULTI COMMODITY EXCHANGE OF INDIA LTD
CMP: Rs 1,294.10
BSE Code: 534091
I have bought 50 shares of MCX at Rs 1,050 for the short-term. What should I do now?
- Y. Upadhyay
HOLD MCX WITH THE STOP-LOSS OF RS 1,140 ON CLOSING BASIS
Multi Commodity Exchange of India Ltd is currently trading at Rs 1,294.10. Its 52-week high/ low stand at Rs 1,311.00/Rs 643.50 made on January 09, 2020 and February 19, 2019 respectively. The stock had given a breakout of downward sloping trendline resistance as on weekend of August 30, 2019 and thereafter, bounced sharply. Considering the daily time frame, the stock had recently given channel breakout along with strong volume. The major trend of the stock is bullish as it is trading above its weekly pivot and above its long & short-term moving averages, i.e. 20-day, 50-day, 100-day and 200-day EMAs. These moving averages are exactly in an ascending order, which suggests that the trend is strong. The leading indicator, 14-period weekly RSI is currently quoting at 71.15 and it is in super bullish zone. The daily MACD stays bullish as it is trading above its zero line and signal line. The histogram is suggesting a pickup in momentum. Moreover, the trend strength is extremely high as the ADX is above 40 and -DI is much below the +DI and ADX. Considering all the above factors, we recommend you to hold MCX with the stop-loss of Rs 1,140 on closing basis as it is the confluence of upward sloping trendline support and 50-day EMA level.
BANK OF BARODA
CMP: Rs 97.25
BSE Code: 532134
I have bought Bank of Baroda at 104 considering breakout, but it fell even more. What should I do?
- Keshob Gogoi
EXIT IN BANK OF BARODA AT CURRENT MARKET PRICE
Bank of Baroda is currently trading at Rs 97.25. Its 52-week high/low stand at Rs 143.60/Rs 85.70 made on May 23, 2019 and October 01, 2019 respectively. The stock had formed reversal bearish engulfing candlestick pattern as on weekend of January 30, 2015 and thereafter, marked the sequence of lower tops and lower bottoms. Considering the daily time frame, the stock had recently given breakdown of upward sloping trendline support and this breakdown is confirmed by the above 50-day average volumes. Majorly, the stock is displaying a bearish trend as it is trading below its weekly pivot and short & long-term moving averages, that is, 20-day EMA, 50-day EMA, 100-day EMA, and 200-day EMA. The 14-period daily RSI is currently quoting at 45.77 and it is in falling mode, which indicates a further downside momentum. The per cent K is below the per cent D on both weekly and daily time frame, thereby, indicating further weakness. Considering all the above factors, we recommend you to exit in Bank of Baroda at current market price.
ASTRAZENECA PHARMA INDIA LTD.
CMP: 2,609.90
BSE Code: 506820
I am holding ASTRAZEN at Rs 2,140. Should I hold or book profit?
- Ashish Maycon
BOOK PROFIT IN ASTRAZENECA PHARMA INDIA AT CURRENT MARKET PRICE
Astrazeneca Pharma India Ltd is currently trading at Rs 2,609.90. Its 52-week high/low stand at Rs 2,927.25/Rs 1,470 made on December 17, 2019 and January 09, 2019 respectively. The stock had given downward sloping trendline breakout as on weekend of June 15, 2018 and thereafter, marked the sequence of higher tops and higher bottoms. The stock had formed reversal shooting star candlestick pattern as on weekend of December 20, 2019. With this bearish formation, the stock has also managed to close below its short-term moving averages, i.e. 20-day EMA and 50-day EMA. Among the momentum indicators, the 14-period weekly RSI has cooled off after touching the 70 zone and, at present, its reading is 59.42. The RSI is trading below its 9-week average and it is in falling mode, which indicates a further downside momentum. The fast stochastic is also trading below its slow stochastic line. Moreover, the momentum indicator weekly MACD line has crossed under the signal line, which resulted in the histogram turning negative. Considering all the above factors, we recommend you to book profit in Astrazeneca Pharma India at current market price.