Technical Portfolio Guide
RIIL
CMP: Rs 435.35
BSE Code:500390
I had entered RIIL at Rs 490. Should I average the stock to minimise the loss?
- Nishant Namdev
ENTER RELIANCE INDUSTRIAL INFRASTRUCTURE ABOVE RS 468
RIIL is currently trading at Rs 435.35. Its 52-week high/low stand at Rs 684/Rs 392 made on January 2, 2018 and August 11, 2017, respectively. Considering the daily time frame, the stock formed a spinning top-like pattern at its 52-week high and thereby saw a sharp downside, almost breaching its psychological support at Rs 450. The stock trailed near these levels up to April 2018 and saw further downside up to Rs 404-403 levels. The stock gave a long bullish candle on June 11, indicating reversal and snapped continued losing streak from May 2. The volume spurt and the 14-period RSI's sudden impulse from the just above oversold to 60 levels suggest momentum. In case you wish to enter, we suggest a Buy above Rs 468.
SUN PHARMA
CMP: Rs 559.65
BSE Code:524715
I have bought Sun Pharma recently at Rs 540 level. Will the stock go up in the near term?
- Naveen Bijjal
HOLD SUN PHARMACEUTICAL INDUSTRIES WITH A STOP LOSS OF RS 515
Sun Pharma is currently trading at Rs 559.65. Its 52-week high/low stand at Rs 608.55/Rs 433.15 made on February 12, 2018 and August 14, 2017, respectively. However, the stock hit a shooting star-like pattern at its 52-week high level and thereby witnessed a downfall up to Rs 435 on May 22, 2018 where it hit a hammer pattern. The stock is trading with two higher tops and one higher bottom since then. Meanwhile, it has formed a kind of rounding bottom-like pattern and also broke its major resistance at Rs 538. The huge volumes and sharp upside in oscillators suggest momentum. The June 13 candle may be a pullback and, hence, we suggest you to Hold up to the stop loss level of Rs 515.
ONGC
CMP: Rs 168.50
BSE Code:500312
I have purchased shares of ONGC at Rs 179 but the price turned down from that level. What to do now?
- Kumar T
EXIT OIL AND NATURAL GAS BELOW RS 168
ONGC is currently trading at Rs 168.50. Its 52-week high/low stand at Rs 212.90/155.30 made on January 25, 2018 and June 27, 2017, respectively. The stock gave a bearish engulfing pattern at 52-week high and gave a downfall up to its multiple support level of Rs 175. The stock breached the support on May 24 in between three consecutive downticks. The stock gave a pullback on May 25 and the price rose up to 61.8% of the sharp downward move from Rs 192, but it is now again trading below the support. The downside is supported by justifiable volumes and the 14-perio RSI is inclined southwards. We suggest you to exit below Rs 168.
NAVKAR CORP
CMP: Rs 142.50
BSE Code: 539332
Can I buy shares of Navkar Corp at the current levels for averaging?
- Ravi Kumar HK
AVOID NAVKAR CORPORATION AT CURRENT LEVELS
Navkar Corp. is currently trading at Rs 142.50. Its 52-week high/low stand at Rs 223.50/ Rs 135 made on June 15, 2017 and June 5, 2018, respectively, portraying a downtrend. The stock is trading in a downtrend since May 12, 2017 and trading in a downward sloping channel. During the end of May 2018, the stock hit the lower trendline of the channel at Rs 147-155 and bounced back. However, the stock witnessed resistance at 50% retracement of the prior downward slope from Rs 218-219. The stock retreated and hit below the lower trendline level of Rs 149. The stock is trailing at those levels. We suggest you to avoid, despite a Doji on June 5.
JINDAL STEEL
CMP: Rs 243.50
BSE Code:532286
Can I enter Jindal Steel at the moment?
- Shashi Bhushan Giri
AVOID JINDAL STEEL AND POWER FOR NOW, ENTER AT RS 255-257
Jindal Steel is currently trading at Rs 243.50. Its 52-week high/low stand at Rs 294.15/Rs 112 made on January 23, 2018 and August 11, 2017, respectively. Considering the weekly time frame, the stock had given a rounding bottom pattern breakout at Rs 208 on January 5 week and hit up to the 52-week high level. The stock dropped near to the trendline level at Rs 205 and bounced back. However, the stock resisted at 61.8% on a closing basis and turned down. The stock is trading between the symmetric triangle pattern and has a breakout at Rs 255-257. We suggest to enter at that level.
JUST DIAL
CMP: Rs 574.60
BSE Code:535648
Shall I buy the shares of Just Dial to average my position and for the long term?
- Praveen Gupta
BUY JUST DIAL AT CMP Just Dial is currently trading at Rs 574.60. Its 52-week high/low stand at Rs 648/Rs 326.10 made on January 16, 2018 and August 11, 2017, respectively. The stock witnessed lower tops, lower bottoms, since August 8, 2014, but it has been trading in a range since August 2016 which is nearing a breakout now. Recently, the stock hit a double bottom at Rs 358 level and gave an inverse head & shoulders pattern breakout at Rs 452. Thereafter, the stock gave an impulsive move up to Rs 638. The stock corrected after a Doji as if to make a flag pattern. It has given a breakout of the pattern with good volumes and the 14-period RSI quoting at 60. We suggest a Buy.