Technical Portfolio Guide
INDIABULLS REAL ESTATE LTD
CMP : Rs 48.00
BSE Code : 532832
Real estate stocks have surged recently. Taking this into consideration, can I enter in IBREALEST at the current market price?
- Rajesh Deshpande
AVOID BUYING IBREALEST FOR NOW
Indiabulls Real Estate Ltd is currently trading at Rs 48.00. Its 52-week high/low stands at Rs 113/Rs 36.85 made on January 29, 2020, and March 26, 2020, respectively. The stock had formed a bearish belt hold candlestick pattern as of August 19, 2020, and thereafter, witnessed a correction. Considering the weekly chart, the stock is in a clear downtrend as it is marking a series of lower tops and lower bottoms since August 2017. Currently, the stock is trading below its long and shortterm moving averages. Talking about the indicators, the weekly RSI is trading below its 9-week average and it is in a falling mode. The RSI has not been able to cross the 60 mark since February 2020. The weekly MACD stays bearish as it is trading below its zero line and signal line. Further, on the directional index, the bearish strength is higher than the bullish strength as +DI is trading below -DI on both the weekly and the daily timeframe. These technical pieces of evidence are aligned to support the bears. Hence, we recommend to avoid buying Indiabulls Real Estate for now.
SUN PHARMACEUTICAL INDUSTRIES LTD
CMP : Rs 456.75
BSE Code : 524715
I bought Sun Pharmaceutical in the month of March at lower levels. What should I do now? Hold or book profit?
- Pranay singhBisht
BOOK PROFIT IN SUNPHARMA AT THE CURRENT MARKET PRICE
Sun Pharmaceutical Industries Ltd is currently trading at Rs 456.75. Its 52-week high/low stands at Rs 564.90/Rs 315.20 made on August 28, 2020, and March 23, 2020, respectively. The stock had formed a spinning top candlestick pattern as on the weekend of March 27, 2020, and thereafter, bounced sharply up to the level of its 52-week high. The stock has formed a bearish engulfing candlestick pattern as of August 31, 2020, and thereafter, witnessed a correction. Further, the stock has recently given the head & shoulders pattern breakdown on the daily timeframe, which suggests bearish momentum. Among the momentum indicators, the weekly RSI is currently quoting at 43.03 and it is trading below its 9-week average. The RSI is in a falling mode on both the weekly and the daily timeframe, which suggests a further bearish momentum. The weekly MACD stays bearish as it is trading below its zero line. Moreover, the fast stochastic is also trading below its slow stochastic. Considering all the above factors, we recommend booking profit in Sun Pharmaceutical Industries at the current market price.
HAVELLS INDIA LTD
CMP : Rs 725.05
BSE Code : 517354
I have bought Havells at an average price of Rs 630 for the medium-term. Please suggest the exit point.
- Naveen Sundar
HOLD HAVELLS INDIA WITH A STOP-LOSS OF RS 700 ON A CLOSING BASIS
Havells India Ltd is currently trading at Rs 725.05. Its 52-week high/low stands at Rs 735.50/Rs 447.20 made on October 29, 2020, and May 20, 2020, respectively. The stock had given a breakout of falling wedge pattern as on May 28, 2020, and initiated its northward journey. The stock got into a confirmed uptrend by making higher tops and higher bottoms on the daily scale. Further, the stock is trading above its short and long-term moving averages. Daryl Guppy’s multiple moving averages is suggesting a bullish strength in the stock. The weekly RSI is also making higher highs and it is exactly moving along with the price. The daily and the weekly MACD stays bullish as it is trading above its zero line and signal line. The directional movement index is also at a strong point. The ADX is at 37.23 and +DI is above the –DI on the daily timeframe, which indicates that the trend is up. Considering all the above factors, we recommend holding Havells India Ltd with a stop-loss of Rs 700 on a closing basis as it is a confluence of upward sloping trendline support and a 20-day EMA level.
COFORGE LTD
CMP: Rs2202.95
BSE Code 532541
I have bought the shares of Coforge at Rs 1,550. Should I hold or book profits?
- Kiran Jadhav
BOOK PROFIT IN COFORGE AT THE CURRENT MARKET PRICE
Coforge Ltd is currently trading at Rs 2202.95. Its 52-week high/low stands at Rs 2,813.05/Rs 739.05 made on October 13, 2020, and March 24, 2020, respectively. From the low of Rs 735.35, which was registered on March 24, 2020, the stock has witnessed over 280 per cent upward momentum in 30 weeks. However, in the weekly timeframe, the stock has formed a shooting star candlestick pattern. The shooting star pattern is viewed as a bearish reversal pattern, which typically occurs at the top of an uptrend. Along with this bearish formation, the stock has also managed to close below its weekly pivot and short-term 20-day EMA level. Among the momentum indicators, the weekly RSI is cooled off after touching the high of 79.87 and it is currently quoting at 59.47. The RSI is trading below its 9-week average and it is in a falling mode, which suggests a further bearish momentum. The weekly stochastic oscillator is suggesting some bearish momentum as well since per cent K is below the per cent D. Hence, we recommend booking profit in Coforge Ltd at the current market price.