Technical Portfolio Guide
BODAL CHEMICALS LTD
CMP: Rs66.35
BSE Code:524370
I have bought Bodal Chemicals at Rs 60 for the short-term. Should I wait or exit with profits?
- Srinivasa Rao
BOOK PROFIT IN BODAL CHEMICALS AT THE CURRENT MARKET PRICE
Bodal Chemicals Ltd is currently trading at Rs 66.35. Its 52-week high/low stands at Rs 88.50/Rs 34.50 made on February 18, 2020, and March 24, 2020, respectively. The stock has formed a bullish pin bar candlestick pattern as on the weekend of March 27, 2020, and thereafter, witnessed a pullback rally. The pullback rally is halted near the 100-week EMA level. The stock has formed a shooting star candlestick pattern as on the weekend of July 24, 2020, and thereafter, witnessed correction. Currently, the stock is trading below its short and long-term moving averages, i.e. 20-week EMA, 50-week EMA, 100-week EMA, and 200-week EMA. Talking about the indicators, the weekly RSI has cooled off after touching the zone of 64-65, and currently, quoting at 50.20. The weekly RSI is trading below its 9-week average and it is in a falling mode, which suggests bearish momentum. Recently, the momentum indicator, the 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 Bodal Chemicals at the current market price.
HINDUSTAN MEDIA VENTURES LTD
CMP: Rs49.50
BSE Code: 533217
I want to buy HMVL as it has fallen a lot. Is it the right time to enter for the long-term?
- Ashutosh Jha
AVOID BUYING HMVL FOR NOW
Hindustan Media Ventures Ltd is currently trading at Rs 49.50. Its 52-week high/low stands at Rs 92/Rs 35.50 made on November 04, 2019, and March 24, 2020, respectively. The stock has given an upward sloping trendline breakdown as on the weekend of September 2017 and thereafter, marked the sequence of lower tops and lower bottoms. The major trend of the stock is bearish as it is trading below its long and short-term moving averages, i.e. 20-week, 50-week, 100-week, and 200-week EMAs. After looking at the daily chart, it can be observed that it has been continuously trading below its 200-day EMA level from January 2018. The leading indicator i.e. the 14-period weekly RSI is currently quoting at 47.01 and trading below its 9-week average. And most importantly, the weekly RSI has never touched the 60 mark since November 2016. The weekly MACD stays bearish as it is trading below its zero line. Considering all the above factors, we recommend you to avoid buying Hindustan Media Ventures Ltd for now.
BHARAT PETROLEUM CORPORATION LTD
CMP : Rs 353.25
BSE Code : 500547
I bought the stock of BPCL at higher levels earlier but currently, the stock is quoting at lower levels.
- Vijay Kamble
EXIT IN BPCL AT THE CURRENT MARKET PRICE
Bharat Petroleum Corporation Ltd is currently trading at Rs 353.25. Its 52-week high/low stands at Rs 549.70/Rs 252 made on November 21, 2019, and March 24, 2020, respectively. The stock has formed a bearish pin bar candlestick pattern as on the weekend of July 24, 2020, and thereafter, witnessed correction. On Wednesday, the stock has moved below its prior swing low along with the strong volumes, which suggests a further downside momentum. Also, the stock is trading below its short and long-term moving averages. The 14-period RSI on the daily timeframe is in bearish territory. Furthermore, in the recent pullback rally, the RSI failed to move above the 40 mark, which indicates that the stock is in a super bearish range as per the RSI range shift rules. The daily MACD stays bearish as it is trading below its zero line and signal line. 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 exit from BPCL at the current market price.
BALKRISHNA INDUSTRIES LTD
CMP : Rs1,470
BSE Code : 502355
I have bought the shares of Balkrishna Industries at Rs 950 for the long-term. Should I hold or book profits?
- Mahesh Arya
HOLD BALKRISIND WITH A STOP-LOSS OF RS 1,240 ON A CLOSING BASIS
Balkrishna Industries Ltd is currently trading at Rs 1,470. Its 52-week high/low stands at Rs 1,514.70/Rs 677.60 made on September 30, 2020, and March 23, 2020, respectively. The stock has formed a reversal spinning bottom candlestick pattern as on the weekend of March 27, 2020, and thereafter, marked the sequence of higher tops and higher bottoms. Recently, the stock has given a horizontal trendline breakout on the daily timeframe, which suggests a further upside momentum. The stock is trading above all the 12 short and long-term moving averages. The averages are all trending up, and they are in the desired sequence. Further, the stock is meeting Mark Minervini's trend template rules. The 14-period weekly RSI is in bullish territory. The trend strength indicator on the weekly chart i.e. the average directional index (ADX) is above 40, which indicates further strength. The +DI is much above the -DI. This structure is indicative of bullish strength in the stock. Considering all the above factors, we recommend you to hold Balkrishna Industries with a stop-loss of Rs 1,240 on a closing basis.