Technical Portfolio Guide
CREDITACCESS GRAMEEN LTD
CMP : Rs629.30
BSE Code : 541770
I am holding the shares of CREDITACC bought at Rs 620 after the breakout. Should I hold or book profits?
- Saurabh Agrawal
BOOK PROFIT IN CREDITACC AT THE CURRENT MARKET PRICE
CreditAccess Grameen Ltd is currently trading at Rs 629.30. Its 52-week high/low stands at Rs 1,000.80/Rs 305.75 made on February 20, 2020, and April 07, 2020, respectively. The stock has formed a hammer candlestick pattern as on the weekend of April 09, 2020, and thereafter, witnessed a pullback rally. The pullback rally is halted near the 61.8 per cent retracement level of its prior downward rally (Rs 1,000-Rs 305.20). Considering the daily timeframe, the stock has given an upward sloping trendline breakdown, which suggests correction before another northward rally. The momentum indicators are also supporting the current price structure. The leading indicator, 14-period weekly RSI has cooled off after touching the zone of 61-63 and currently quoting at 50.33. The RSI is trading below its 9-week average and it is in a falling mode, which suggests bearish momentum. Further, the negative diversion is clearly visible on the weekly and the daily RSI, which suggests a limited upside. Moreover, the daily MACD stays bearish as it is trading below its zero line and signal line. The histogram is suggesting a pickup in the bearish momentum. Hence, we recommend booking profit in CreditAccess Grameen at the current market price.
GODFREY PHILLIPS INDIA LTD
CMP : Rs900.60
BSE Code : 500163
Godfrey Phillips looks promising. Can I enter the scrip now?
- Rajkumar Patang
AVOID BUYING GODFREY PHILLIPS INDIA FOR NOW
Godfrey Phillips India Ltd is currently trading at Rs 900.60. Its 52-week high/low stands at Rs 1,480.40/Rs 732.40 made on January 21, 2020, and March 24, 2020, respectively. After registering a high of Rs 1,481.75 as on the weekend of January 24, 2020, the stock has witnessed a correction of over 50 per cent in 10 weeks. The stock has marked a low of Rs 732 and thereafter, witnessed a pullback rally. The pullback rally is halted near the 50 per cent retracement level of its prior downward move. Currently, the stock is in a downtrend as it is trading below its short and long-term moving averages. Among the momentum indicators, the weekly RSI is in bearish territory and it is trading below its 9-week average line. The fast stochastic is also trading below its slow stochastic line. Further, the MACD stays bearish as it is trading below its signal line and zero line. Considering all the above factors, we recommend to avoid buying Godfrey Phillips India Ltd for now.
CENTRAL BANK OF INDIA
CMP : Rs10.71
BSE Code : 532885
Can I buy the shares of Central Bank of India as it has fallen tremendously?
- Pradeep sulur
AVOID BUYING CENTRAL BANK OF INDIA FOR NOW
Central Bank of India is currently trading at Rs 10.71. Its 52-week high/low stands at Rs 25.80/Rs 10.04 made on November 04, 2019, and October 19, 2020, respectively. The stock has formed a bearish pin bar candlestick pattern as on the weekend of May 12, 2020, and thereafter, marked the sequence of lower tops & lower bottoms. The stock has slipped below its major support of Rs 48, followed by Rs 43, and gave almost continuous downfall along with strong volume. Currently, the stock is trading below its short and long-term moving averages. The weekly chart shows that it has been continuously trading below its 200-week EMA level since September 2017 and is currently trading below its 200-week EMA by over 70 per cent. This clearly suggests that the stock is in a long-term bearish trend. Further, the stock’s relative strength index (RSI) is in a bearish territory in the weekly and daily timeframes. On the directional index, the bearish strength is also stronger than the bullish strength as -DI is much above +DI. Considering all the above factors, we recommend to avoid buying Central Bank of India for now.
CAN FIN HOMES LTD
CMP : Rs452.15
BSE Code : 511196
Can I hold or book profit in Can Fin Homes? I bought it for Rs 340 for the medium-term.
- Ramadas Macha
HOLD CANFINHOME WITH A STOP-LOSS OF RS 435 ON A CLOSING BASIS
Can Fin Homes Ltd is currently trading at Rs 452.15. Its 52-week high/low stands at Rs 519/Rs 253.55 made on February 12, 2020, and April 03, 2020, respectively. The stock has formed a Doji candlestick pattern as on the weekend of May 29, 2020, and thereafter, marked the sequence of higher tops & higher bottoms. All the moving averages based trade set-ups are showing a bullish strength in the stock. Daryl Guppy’s multiple moving averages is suggesting a bullish strength in the stock. The stock also meets Mark Minervini’s trend setup criteria for investing. The leading indicator, 14-period weekly RSI is currently quoting at 64.24 level and it’s in a rising trajectory. The weekly ADX is very strong at 34.80. The -DI is much below the +DI and the ADX is above the -DI and +DI. This shows a technical strength in the stock. Considering all the above factors, we recommend holding Can Fin Homes with a stop-loss of Rs 435 on a closing basis.