Technical Portfolio Guide

NBCC

CMP: Rs.63.10 BSE Code: 534309

I am holding NBCC bought at Rs 71 considering the level to be a reversal. What should I do now? 
- Sanjib Das

EXIT NBCC BELOW RS 60.80

NBCC is currently trading at Rs 63.10. Its 52-week high/low stand at Rs 145.88/Rs 60.80 made on November 8, 2017 and July 18, 2018, respectively, which depicts a downtrend. The stock price is declining since its 52-week and all-time high and has registered its third straight monthly downbeat till date, breaching its major support at Rs 66.50 level. Recently also, the stock gave a support breakdown at Rs 67.50 level and tumbled up to Rs 60.80. For now, we do not see any reversal despite oscillators laying in the oversold zone. The volumes are high justifying the downtrend. Hence, we suggest you to exit below Rs 60.80.

ENGINEERS INDIA

CMP: Rs.119.70 BSE Code: 532178

I am holding shares of Engineers India bought at Rs 125. The stock has turned downward. What should be my next action? 
- Dinkar Tidke

EXIT ENGINEERS INDIA BELOW RS 117

Engineers India is currently trading at Rs 119.70. Its 52-week high/low stand at Rs 206.20/Rs 119.90 made on December 26, 2017 and July 18, 2018, respectively, portraying a downtrend. The stock hit double top near its peak level at Rs 206.20 and, thereby, retreated giving lower tops and lower bottoms. Since July 2, the stock is taking support at Rs 120 level on a closing basis. The stock also attempted its prior resistance breakout at Rs 130.35, but it could not sustain and tumbled again up to the Rs 120 level and is quoting around that level presently. We suggest you to exit below Rs 117 level.

ADF FOODS

CMP: Rs.235 BSE Code: 519183

Can I buy ADF Foods at CMP to average my position? 
- Chinmay Damle

AVOID ADF FOODS FOR NOW

ADF Foods is currently trading at Rs 235.00. Its 52-week high/low stand at Rs 347.50/187 made on December 1, 2017 and August 11, 2017, respectively. Considering the weekly time frame, the stock tumbled sharply after hitting 52-week and all-time high levels. The stock hit a weekly double bottom near Rs 191 level and bounced back up to 50% retracement of prior downward rally from 52-week high to Rs 191. Thereby, the stock corrected yet again and is consolidating at the current price since last five weeks. On the daily time frame, the stock has given a rising wedge pattern breakdown at Rs 255 level. The volumes are poor and the 14-period RSI is quoting at 45, suggesting lack of momentum for now. We suggest you to avoid for now. 

JSW STEEL

CMP: Rs.305.85 BSE Code: 500228

When can I average JSW Steel to recover my losses? 
- Kamlesh Garg

AVERAGE JSW STEEL IF IT CLOSES ABOVE RS 313 ON CLOSING BASIS

JSW Steel is currently trading at Rs 305.85. Its 52-week high/low stand at Rs 346.40/ Rs 209 made on June 7, 2018 and July 24, 2017, respectively. The stock has been trading in an upward sloping channel pattern since November 2017. Considering the daily time frame, the stock witnessed a triple top pattern at its 52-week and all-time high levels and, thereby, plunged with lower tops and lower bottoms. Meanwhile, the stock also formed head & shoulders pattern and gave a breakdown on July 18 at Rs 302 level. With this, the stock broke its 100-day EMA level at Rs 313, but took support at 200-day EMA near Rs 293 level. The stock may reverse from here, in case it takes support.

IGL

CMP: Rs.273.55 BSE Code: 532514

Can I enter IGL to average my position? 
- Pravesh Snehi

BUY INDRAPRASTHA GAS IN THE RANGE OF RS 270-273

IGL is currently trading at Rs 273.55. Its 52-week high/low stand at Rs 344.20/Rs 223.22 made on January 1, 2018 and July 21, 2017, respectively. Since 52-week high, the stock has been trading in a downward sloping channel. During the June 29 week, the stock took a support at the channel line at Rs 240 level and formed a reversal Doji. The said level was also its 100-day EMA level. Since then, the stock has given gradual upside and is trading at Rs 266. Once the stock breaks out of Rs 270-273, which is the channel breakout level, it may see some more upside. Oscillators have also given positive crossover from near to the oversold zone.

PERSISTENT

CMP: Rs.826 BSE Code: 533179

Have bought Persistent at 860 levels, so what should be my next action? 
- Rathindra Nath Chatterjee

HOLD PERSISTENT SYSTEMS FOR NOW

Persistent is currently trading at Rs 826. Its 52-week high/low stand at Rs 880/Rs 590 made on July 10, 2018 and September 13, 2017, respectively. Considering the weekly time frame, the stock gave a rounding base breakout at Rs 797 level during February 23, 2018 and hit up to Rs 877, but it witnessed a pullback up to Rs 658. The stock hit a kind of double bottom and bounced back up to Rs 880 recently. The stock has been consolidating for 5-6 weeks. Good volumes and RSI quoting above 55 suggests some momentum going forward. We suggest you to hold the stock for now.