Technical Portfolio Guide
NIIT TECHNOLOGIES
CMP: Rs.917.60 BSE Code: 532541
I bought 200 shares of NIIT Technologies at Rs 840. Should I hold the stock for more upside or should I book profit?
- Abhinav Ajmera
HOLD NIIT TECHNOLOGIES WITH A STOP LOSS OF RS 820
NIIT Technologies is currently trading at Rs 917.60. Its 52-week high/low stand at Rs 1012.45/Rs 419.25 made on March 15, 2018 and April 20, 2017, respectively. The stock has been in a strong uptrend since the month of August 2017 with the stock price having almost doubled during this time period. The stock after registering a high of Rs 1012.45 entered into corrective mode and the correction halted near its 50-day EMA. Recently, the stock had been trading in a narrow range and it had witnessed breakout of consolidation pattern along with a trendline breakout. The 14-period RSI crossing is in a rising mode and is yet to enter the overbought zone, which suggests that there is some more steam left in the stock. Hence, we suggest holding this stock with a stop loss of Rs 820 for a target of Rs 1020-1050.
INDIGO
CMP: Rs.1488 BSE Code: 539448
I had bought 300 shares of Interglobe Aviation at average price of Rs 1,360. Please suggest an appropriate level to book profit.
- Lakshmanan Manivannan
HOLD INTERGLOBE AVIATION WITH A STOP LOSS OF RS 1300
Interglobe Aviation is currently trading at Rs 1488. Its 52-week high/low stand at Rs 1509/Rs 1004 made on April 9, 2018 and May 23, 2017, respectively. The stock had seen consolidation in the range of Rs 1350 to Rs 1100 since the month of August 2017 up to March 2018. The stock had witnessed breakout of horizontal channel on a weekly time frame around Rs 1350-60. Thereafter, the stock had seen decent upmove . As per the horizontal channel pattern, the projected target comes to around Rs 1600, i.e. Rs 1350 + Rs 250 = Rs 1600. Hence, as per the projection, the stock has the potential to touch the level of Rs 1600 in the medium term. We suggest holding this stock for more upside with a stop loss of Rs 1300.
UPL
CMP: Rs.748.25 BSE Code: 512070
I had bought 100 shares of UPL at Rs 730 for trading purpose. Please suggest appropriÂate stop loss of the short term.
- Chandrashekhar Surendranath
HOLD UPL WITH A STOP LOSS OF RS 720
UPL is currently trading at Rs 748.25. Its 52-week high/low stand at Rs 902.50/Rs 672.50 made on August 1, 2017 and February, 2018, respectively. The stock had seen a sharp fall in the price from the level of Rs 827.85 as on January 25, 2018. The stock made a low of Rs 672.50 on February 22, 2018, and saw a gradual upmove . The stock retraced about 61.8% of the recent downmove . At present, if we look at the structure, the stock has been trading in the channel and as per the channel pattern, the stock may scale up to the level of Rs 780 in the short term. However, stiff resistance is seen around Rs 768-770. We would suggest holding this stock with a stop loss of Rs 720 for an upside up to the levels of Rs 770-780.
BHARAT FORGE
CMP: Rs.728.55 BSE Code: 500493
I am holding Bharat Forge bought at Rs 750. Should I continue to hold the stock?
- Pankaj Tiwary
HOLD BHARAT FORGE WITH A STOP LOSS OF RS 707
Bharat Forge is currently trading at Rs 728.55. Its 52-week high/low stand at Rs 799.65/ Rs 510.50 made on March 1, 2018 and May 23, 2017, respectively, showing an uptrend. Considering the daily time frame, the stock hit double top at its 52-week or all-time high level on February 28 and March 1, 2018. Thereafter, the stock tumbled almost 15% up to its major multiple support level of Rs 670-680. The stock bounced back from there and is trailing at its major resistance level of Rs 740. The stock has given 5-20-day EMA positive crossover. The volumes are justifiable and the 14-period RSI is quoting above 50 at 53, which may give momentum in the coming sessions. Hence, we suggest investors to HOLD the stock, as above Rs 740-745, the stock may give some more upside.
TATA COMMUNICATIONS
CMP: Rs.633.85 BSE Code: 500483
Can I enter Tata Communications at current levels?
- Mukesh Moradiya
BUY TATA COMMUNICATIONS ABOVE RS 660
Tata Communications is currently trading at Rs 633.85. Its 52-week high/low stand at Rs 774.35/Rs 570.45 made on June 9, 2017 and August 10, 2017, respectively. Considering the weekly time frame, the stock bounced back from its multiple support levels of Rs 590-595 during the week of February 5. However, the stock has been moving in the range of Rs 620-660 since then. The stock has also formed a kind of descending triangle pattern on the same time frame, which has a breakout at Rs 680 level. Even if the stock holds above Rs 660-670 levels on a daily closing basis, it would be a good bet. The stock is trailing at its 50% retracement of the previous upward rally on the daily time frame and hence, upon any bounce back above Rs 660, we would suggest a Buy.
BATA INDIA
CMP: Rs.772 BSE Code: 500043
Is it a good time to enter Bata India?
- Dr. Virendra Kumar Garg
BUY BATA INDIA ABOVE RS 801 OR ON A PULLBACK
Bata India is currently trading at Rs 772. Its 52-week high/low stand at Rs 883/Rs 510.50 made on November 1, 2017 and June 23, 2017, respectively. Considering the daily time frame, the stock gave multiple resistances and a rounding bottom breakout at Rs 772 levels. The stock has also formed a left shoulder before the rounding bottom and hence we can expect making of an inverse head & shoulders. In which case, the stock may continue with the recent pullback given on April 12 up to Rs 735 or Rs 720 levels. Else, the stock may bounce back from the current level for its next upside rally. Hence, we suggest a Buy either above Rs 800-801 or after a bounce back from the levels of Rs 735-720.