Technical Portfolio Guide

MRPL 

CMP: Rs 104.60
BSE Code:500109 

Can I buy shares of MRPL at the current level? 

- Deepak Kumar 

AVOID MANGALORE REFINERY & PETROCHEMICALS FOR NOW 

MRPL is currently trading at Rs 104.60. Its 52-week high/low stand at Rs 146.25/Rs 102.65 made on October 31, 2017 and April 19 , 2018, respectively, showing a downtrend. The stock had given a multiple resistance breakout at Rs 115 level on April 12, 2017. The stock traded in the range of Rs 115-143. The stock breached its resistance turned support at Rs 115 on the downside on February 5, gave a pullback and re-tested the level again in March 2018. The stock has been seen making lower tops and lower bottoms since February 27. Meanwhile, on February 27 itself, the stock also broke its 200-day EMA support level. For now, we do not see any reversal and hence recommend you to avoid. 

KHADIM 

CMP: Rs 785
BSE Code:540775 

I had bought shares of Khadim at Rs 745 after a breakout. What should I do now? 

- Arun Kumar 

HOLD KHADIM INDIA WITH A STOP LOSS OF RS 735 

Khadim is currently trading at Rs 785. Its 52-week high/low stand at Rs 786/645 made on April 27, 2018 and December 18, 2017 respectively, which suggests a sudden downfall in the stock. The stock got listed in mid-November 2017. Since then, the stock has hit multiple resistance at Rs 740 level, with supports in the range of Rs 645-660. On April 17, the stock broke out of Rs 740 on a closing basis and hit its all-time high at Rs 786. After consolidating for five sessions, the stock has corrected to the levels of 38.2% retracement. It may fall some more, but it should bounce back for the next rally. Hence, we suggest you to hold with a stop loss of Rs 735 

SAIL 

CMP: Rs 73.15
BSE Code:500113 

I have entered SAIL at Rs 79 assuming that fresh buying will start, but the stock turned downside. What to do now? 

- Jayesh Jain 

EXIT STEEL AUTHORITY OF INDIA 

SAIL is currently trading at Rs 73.15. Its 52-week high/low stand at Rs 101.40/Rs 53 made on January 8, 2018 and September 28, 2017, respectively. Considering the daily time frame, after hitting 52-week high, the stock witnessed a downfall forming a rounding top. The stock took a support near the trendline and attempted a sharp bounce-back. The stock failed to extend the rally and retreated yet again to give a trendline breakdown at Rs 77. The stock consolidated near the trendline level and recently gave a downside reversal. The reversal was supported by volume spurt and 14-period RSI negative crossover. Hence, we suggest you to exit. 

CUMMINS 

CMP: Rs 754
BSE Code:500480 

Can I enter Cummins at current levels for huge profits? 

- Ganesh 

BUY CUMMINS INDIA ABOVE RS 760 FOR DOUBLE DIGIT PROFITS 

Cummins is currently trading at Rs 754. Its 52-week high/low stand at Rs 1096.20/Rs 670.95 made on May 3, 2017 and March 23, 2018, respectively. Considering the weekly time frame, the stock has resisted multiple times at its downward sloping trendline level. During the week ending January 5, the stock again resisted at Rs 984 and gave a sharp fall up to Rs 680 level. Meanwhile, the stock also breached its 200-period EMA support at Rs 830. The stock also broke its multiple supports at Rs 740-750. Now the stock is consolidating at lower levels since last five weeks. Hence, we suggest a hold. For the short term, one can buy the stock above Rs 760 for an upside of Rs 80-100. 

OIL INDIA 

CMP: Rs 229.45
BSE Code:533106 

How is OIL India from medium term point of view? 

- Ashwin Patel 

CAN ENTER OIL ABOVE RS 240 LEVEL ON A WEEKLY CLOSING 

OIL India is currently trading at Rs 229.45. Its 52-week high/low stand at Rs 259.36/Rs 172.09 made on January 12, 2018 and July 3, 2017 respectively. Considering the weekly time frame, the stock had resisted multiple times near Rs 320 level. The stock fell sharply from near the Rs 320 level up to the level of Rs 150 made at the end of February 2016. Since then the stock has formed a cup and handle pattern and gave a breakout at Rs 240 level in December 2017. The stock gave a pullback and is seen consolidating at 50% retracement of the upward rally from Rs 172. We suggest you to enter above the Rs 240 level on a weekly closing basis. 

INDIGO 

CMP: Rs 1205.80
BSE Code:539448 

I had bought Indigo at Rs 1250, but could not sell on the upside. Now what should I do? 

- Kapali Srirama 

EXIT INTERGLOBE AVIATION BELOW RS 1111 

Indigo is currently trading at Rs 1205.80. Its 52-week high/low stand at Rs 1520/Rs 1004.95 made on April 20, 2018 and May 23, 2017, respectively, showing an uptrend. Considering the daily time frame, the stock witnessed a symmetric triangle pattern breakout at Rs 1230 on February 8, up to Rs 1358. It corrected up to the trendline level for a pullback and bounced back almost straight till its 52-week and all-time high at Rs 1520. The stock has recently corrected sharply below the upward sloping trendline support of the symmetric triangle at Rs 1240. The stock also hit below Rs 1115, which is its major support, but it had bounced back. However, it may witness some more downside in the coming days. Hence, we suggest you to exit.