Technical Portfolio Guide
BEL
CMP: Rs 121.20
BSE Code: 500049
How is BEL placed at the moment to enter?
- Satish Bawariya
BUY BHARAT ELECTRONICS ABOVE RS 122
BEL is currently trading at Rs 121.20. Its 52-week high/low stand at Rs 192.95/Rs 96.75 made on November 29, 2017 and July 19, 2018, respectively, which depicted a gradual downbeat. Considering the daily time frame, after hitting 52-week low, the stock consolidated for a while and bounced back up to Rs 121.85 on August 1, just below its crucial resistance at Rs 122. The stock retraced up to 23.6% and bounced back up to Rs 121.75 forming a kind of inverse head & shoulders pattern. The stock gave a pattern breakout at Rs 120.70 with spurt in volumes and the 14-period RSI quoting at 62 level. We suggest a Buy above Rs 122.
WEST COAST PAPER
CMP: Rs 353.15
BSE Code: 500444
I am holding West Coast Paper bought at Rs 312. What should I do now?
- Manabendra Nath
HOLD WEST COAST PAPER MILLS WITH A STOP LOSS OF RS 345
West Coast Paper is currently trading at Rs 353.15. Its 52-week high/low stand at Rs 372.50/Rs 169.80 made on August 8, 2018 and October 18, 2017, respectively, showing a sharp upmove from July-end. Considering the daily time frame, the stock gave a multiple point downward sloping trendline breakout at Rs 273.5 on July 25 and, thereafter, it gave a sharp upside move. Meanwhile, the stock also breached its prior all-time high at Rs 348.40 and hit Rs 372.50. Considering a shorter time frame, the stock may correct with the oscillators in the overbought zone, that too at 85. However, the weekly chart depicts a rounding base breakout. Hence, we suggest you to hold and exit below Rs 345.
COROMANDEL INTERNATIONAL
CMP: Rs 435
BSE Code:506395
I have already entered Coromandel International at Rs 464. What should I do now?
- Shoukat Khan
HOLD COROMANDEL INTERNATIONAL FOR NOW TO RECOVER COST
Coromandel International is currently trading at Rs 435. Its 52-week high/low stand at Rs 588/382.15 made on January 1, 2018 and June 28, 2018, respectively. Considering the daily time frame, the stock had given a multiple support breakdown at Rs 492 level on April 24 with a hug bearish candle. After that, the stock formed a downward sloping channel. The stock attempted to give a breakout at Rs 434 on July 30, but it could not sustain on a closing basis. The stock corrected near 38.2% retracement of the upmove from Rs 382 to Rs 400. On August 8, the stock has yet again breached the pattern on the upside on a closing basis. We suggest hold for now.
ONGC
CMP: Rs 168.90
BSE Code: 500312
I bought ONCG recently at Rs 170.50 level. It is trading above that. Should I hold?
- Pramod Gupta
HOLD ONGC WITH A STOP LOSS OF RS 166
ONGC is currently trading at Rs 168.90. Its 52-week high/low stand at Rs 212.90/Rs 152.45 made on January 25, 2018 and June 26, 2018 respectively. The stock consolidated at its 52-week low levels and also formed a double bottom kind of pattern. The stock bounced back forming a rounding pattern. Considering the weekly time frame, the stock witnessed an upbeat for three consecutive weeks, which is up to 50% retracement of the prior downward rally from Rs 191.85 to 52-week low. Hence, if the stock sustains above Rs 172.50, it may give some more upside in the near term. We suggest you to hold with a stop loss of Rs 166.
VIKAS ECOTECH
CMP: Rs 22.00
BSE Code: 530961
Can I buy Vikas Eco Tech to average and recover my position?
- Benny Es Edappara
AVOID VIKAS ECO TECH FOR NOW AND EXIT BELOW RS 19
Vikas Eco Tech is currently trading at Rs 22.00. Its 52-week high/low stand at Rs 48.50/ Rs 18.50 made on January 4, 2018 and August 11, 2017 respectively. The stock has been trading with lower tops and lower bottoms since its 52-week high within the downward sloping channel pattern. Recently, after hitting the support at Rs 19, the stock is seen trading in the range of Rs 19-22. The movement is very little on a daily basis with volumes relatively low and the 14-period RSI at 50, which suggests lack of momentum. However, on the weekly time frame, the stock has support at the 200-period EMA. We suggest you to exit below Rs 19.
IOB
CMP: Rs 16.25
BSE Code: 532388
Can I enter IOB considering it to have bottomed out?
- Sudhirsinh Jhala
AVOID INDIAN OVERSEAS BANK FOR NOW
IOB is currently trading at Rs 16.25. Its 52-week high/low stand at Rs 28.70/Rs 13.07 made on October 26, 2017 and July 17, 2018, respectively. Considering the daily time frame, the stock is trading in a downbeat since many years and recently gave a breakdown of head & shoulders pattern at Rs 22.15 on February 2, 2018. Recently, the stock formed Doji at 52-week low level and bounced back up to Rs 16.38 forming a rounding pattern. However, the stock reversed and has hit the 14-period RSI negative crossover. Moreover, this is a penny stock and has very little movement on a daily basis. We suggest you avoid for now.