Technical Portfolio Guide
GLAXO
CMP: Rs.2880 BSE Code: 500660
I am holding Glaxosmithkline bought at Rs 2835. What should I do now?
- Prosenjit Roy
HOLD GLAXOSMITHKLINE PHARMACEUTICALS WITH A STOP LOSS OF RS 2730
Glaxo is currently trading at Rs 2880. Its 52-week high/low stand at Rs 2990/Rs 2040 made on July 4, 2018 and March 28, 2018, respectively, which depicts a sharp upbeat during the recent period. Considering the daily time frame, the stock gave a 14-day consolidation breakout on July 4 and hit 52-week high level. A sharp upbeat before that shows a flag-like pattern on the daily time frame with a breakout on July 4 and supported by spurt in volumes and positive crossover of the 14-period RSI, though in the over-bought zone. Meanwhile, the stock also breached its two major resistances at Rs 2700 and Rs 2795 after a sharp bounce-back from the 52-week low. Now, the stock is heading towards its major resistance at Rs 3000. We suggest you to hold for now.
PRESTIGE
CMP: Rs.275.75 BSE Code: 533274
Can I buy shares of Prestige to average my holdings?
- Joseph Alphones
BUY PRESTIGE ESTATES PROJECTS AT CMP
Prestige Estates Projects is currently trading at Rs 275.75. Its 52-week high/low stand at Rs 356.10/Rs 221.20 made on January 16, 2018 and June 4, 2018, respectively. The stock breached its multiple supports at Rs 270-275 levels on May 29. Thereafter, the stock witnessed a sharp downfall up to the 52-week low, followed by a sharp upmove forming a V pattern. The stock witnessed a pullback of up to 50% retracement level, followed by a bounce back and a consolidation. The stock gave a downward sloping trendline breakout at Rs 275 on July 4. Meanwhile, it has also formed a positive divergence between price and oscillators. We suggest a Buy.
GRANULES INDIA
CMP: Rs.83.10 BSE Code: 532482
I have already entered Granules India at Rs 83. What should I do now?
- Srinivas Muppana
EXIT GRANULES INDIA BELOW RS 76.50
Granules is currently trading at Rs 83.10. Its 52-week high/low stand at Rs 150.50/71.75 made on January 15, 2018, and June 5, 2018, respectively. Considering the weekly time frame, the stock had given a resistance-turned-multiple support near Rs 102 level in the May 11 week. The stock fell up to its 52-week low level with a double bottom, followed by a bounce back of up to Rs 90, which is in-between 38.2% and 50% retracement levels of its fall from Rs 113.50. The stock is currently consolidating at the said levels. The volumes are good but the 14-period RSI is quoting below 50. We suggest you to exit below Rs 76.50.
CASTROL
CMP: Rs.160.45 BSE Code: 500870
I have bought Castrol at Rs 166 and it is not moving up since then. Tell me what to do?
- Swapan Kayal
AVERAGE CASTROL IF IT CLOSES ABOVE RS 162.50
Castrol is currently trading at Rs 160.45. Its 52-week high/low stand at Rs 214.43/Rs 155.10 made on November 7, 2017 and July 4, 2018 respectively, depicting a downtrend. The stock has been trading in a downward sloping channel pattern since October 2014. Considering the daily or weekly time frame, the stock currently seems to have taken support at the channel line. Moreover, it has also formed a bullish engulfing pattern on the daily time frame which, if confirmed, can give a good reversal on the upside. The pattern is followed by rising volumes and 14-period RSI positive crossover above the oversold zone. One can average at the current levels.
LUMAX INDUSTRIES
CMP: Rs.1940 BSE Code: 517206
Can I enter Lumax Industries at CMP?
- Vijay Deshmukh
AVOID LUMAX INDUSTRIES FOR NOW
Lumax Industries is currently trading at Rs 1940. Its 52-week high/low stand at Rs 2585/Rs 1170 made on May 7, 2018 and September 28, 2017, respectively. Since 52-week high, the stock is trading with lower tops and lower bottoms as of now. Considering the daily time frame, the stock gave an upward sloping trendline breakdown near the Rs 2090 level on June 27 and, thereby, it witnessed a gradual fall in the subsequent sessions. Meanwhile, the stock also breached its 100-day and 200-day EMA levels. The volumes are poor and the 14-period RSI is quoting at the oversold zone, but with no signs of reversal for now. We suggest you to avoid.
NHPC
CMP: Rs.23 BSE Code: 533098
I have bought NHPC at Rs 27 level, that too for averaging, but the stock is continuously falling. Should I exit?
- Mahendra K
EXIT NHPC BELOW RS 22.50
NHPC is currently trading at Rs 23. Its 52-week high/low stand at Rs 34.50/Rs 22.35 made on January 4, 2018 and June 28, 2018 respectively, depicting a sharp downbeat in 2018. Considering the daily time frame, the stock has broken its downward sloping trendline level at Rs 27 and, thereafter, it tumbled sharply breaching its major supports at Rs 25.50, Rs 24 and Rs 23.05 levels. After hitting 52-week low, the stock is consolidating at lower levels over the last six consecutive trading sessions, while resisting at 23.6% retracement of the downward rally from Rs 27.05 level. We recommend you to exit below Rs 22.50, or in case of a bounce-back, then exit at Rs 23.50/24.15 levels .