Technical Portfolio Guide
JUBILANT FOODWORKS LTD
CMP: Rs. 1709.90
BSE Code: 533155
Please suggest what should I do with JUBLFOOD I bought at Rs 1,560 for medium-term?
- Rakesh Kothawade
BOOK PROFIT IN JUBILANT FOODWORKS AT CURRENT MARKET PRICE
Jubilant FoodWorks Ltd is currently trading at Rs 1,709.90. Its 52-week high/low stand at Rs 1,973.05/Rs 1,078.05 made on February 03, 2020 and August 23, 2019 respectively. The stock had formed a reversal spinning bottom like candlestick pattern as on weekend of August 23, 2019 and thereafter, marked the sequence of higher tops and higher bottoms. Recently, the stock had given a breakdown of upward sloping trendline support formed by connecting swing lows from October 2019, which suggests a correction before another northward rally. With this trendline breakdown, the stock has also managed to close below its weekly pivot and short-term moving averages, i.e. 20-day EMA and 50-day EMA. Among the momentum indicators, the 14-period daily RSI is currently quoting at 41.46 and it is trading below its nine-day average. Interestingly, the daily RSI has given a breakdown of head and shoulders pattern, which is also a bearish sign. Moreover, on the directional index, the bearish strength is higher than the bullish strength as +DI is below the -DI. Considering all the above factors, we recommend you to book profit in Jubilant FoodWorks Ltd at current market price.
DREDGING CORPORATION OF INDIA LTD
CMP: Rs. 270.40
BSE Code: 523618
What are the prospects of Dredging Corporation? I have bought the shares at Rs 391 for a long-term. Please let me know.
- Sandip Gavali
EXIT DREDGING CORPORATION OF INDIA AT CURRENT MARKET PRICE
Dredging Corporation of India Ltd is currently trading at Rs 270.40 Its 52-week high/low stand at Rs 456.70/Rs 265 made on March 06, 2019 and March 04, 2020 respectively. The stock had formed a reversal spinning top candlestick pattern as on weekend of January 05, 2018 and thereafter, marked the sequence of lower tops and lower bottoms. Considering the weekly time frame, the stock has recently given a breakdown of descending triangle pattern, which suggests a further downside momentum. Majorly, the stock is displaying a bearish trend as it is trading below its weekly pivot and shortlong term moving averages, that is, 20-week EMA, 50-week EMA, 100-week EMA and 200-Week EMA. The leading indicator, 14-period weekly RSI is currently quoting at 35.46 and it is not able to cross 60-mark since January 2018. The weekly and daily MACD stays bearish as it is trading below its zero line and signal line. Moreover, the weekly stochastic oscillator is also suggesting some bearish strength as per cent K is trading below per cent D. Considering all the above factors, we recommend you to exit in Dredging Corporation of India at current market price.
TATA POWER CO. LTD
CMP: Rs. 44.25
BSE Code: 500400
I am thinking of entering Tata Power for a long-term investment. Let me know what should I do? -
Dipesh Khatri
AVOID BUYING TATA POWER FOR NOW
Tata Power Co. Ltd is currently trading at Rs 44.25 Its 52-week high/low stand at Rs 76.90/Rs 43.30 made on April 02, 2019 and March 02, 2020 respectively. The stock had formed a reversal spinning top candlestick pattern as on weekend of January 12, 2018 and thereafter, marked the sequence of lower tops and lower bottoms with rising volumes where the stock hit below its major support at Rs 50 level. Currently, the stock is trading below its 20-week EMA (55.25), 50-week EMA (60.30), 100-week EMA (65.80) and 200-week EMA (71.50), which indicates a medium and long-term downtrend. The leading indicator, 14-period weekly RSI is currently quoting at 31.55 and it is not able to cross 60-mark since January 2018. Considering the daily time frame, currently, the volumes support the falling prices and oscillators are inclined southward, which suggests more downside from the current levels. Hence, we recommend you to avoid buying Tata Power for now.
JINDAL STEEL & POWER LTD
CMP: Rs. 154.30
BSE Code: 532286
I have bought JINDALSTEL at Rs 140 for the medium-term. Should I wait or exit with profits?
- Navin Sood
BOOK PROFIT IN JINDAL STEEL & POWER AT CURRENT MARKET PRICE
Jindal Steel & Power Ltd is currently trading at Rs 154.30. Its 52-week high/low stand at Rs 202.40/Rs 91.10 made on February 11, 2020 and August 29, 2018 respectively. The stock had given a neckline breakout of Adam & Adam double top pattern as on November 01, 2019 and thereafter, marked the sequence of higher tops and higher bottoms. Considering the daily time frame, the stock has recently given the breakdown of upward sloping trendline support, which suggests a further downside momentum. Along with this trendline breakdown, the stock has also managed to close below its weekly pivot and short and long-term moving averages i.e. 20-day EMA, 50-day EMA, 100-day EMA and 200-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 49.20. The RSI is trading below its nine-week average and it is in falling mode, which indicates a further downside momentum. Considering all the above factors, we recommend you to book profit in Jindal Steel & Power at the current market price.