Technical Portfolio Guide
INDUSIND BANK
CMP: Rs. 1592.30 BSE Code:532187
I have averaged IndusInd Bank at Rs 1600, what should I do now?
- Chuaungo Nunthara
HOLD INDUSIND BANK WITH A STOP LOSS OF RS 1550
IndusInd Bank is currently trading at Rs 1592.30. Its 52-week high/low stand at Rs 2037.90/Rs 1553.55 made on August 3, 2018 and October 4, 2018, respectively. This shows that the stock witnessed acontinuous and sharp downfall in the last couple of months. The stock witnessed a multiple resistance-turned-supportbreakdown near Rs 1800 on September 21. Meanwhile, the stock also breached its 100-day and 200-day EMA levels. Recently, the stock formed a hammer-like pattern at its 52-week low level and thereby witnessed some upside consolidation. The volumes are huge and the stock gave 14-period RSI positive crossover in the oversold zone. The recent upside may be short covering or fresh buying. Hence, we suggest you to hold with a stop loss of below recent 52-week low.
FEDERAL BANK
CMP: Rs. 71.50 BSE Code: 500469
I am holding Federal Bank bought at Rs 83, considering it to be a reversal. What to do now?
- Vibhav Agarwal
AVERAGE FEDERAL BANK ON CLOSE ABOVE RS 74
Federal Bank is currently trading at Rs 71.50. Its 52-week high/low stand at Rs 127.75/Rs 67.05 made on October 17, 2017 and October 4, 2018, respectively. The stock has been trading in a downward sloping channel pattern since the end of August 2017. Recently, the stock took support near its lower channel line and hit a double bottom at Rs 67.05. Thereafter, the stock has seen gradual upside and has broken its immediate resistance at Rs 74 level. Meanwhile, the stock also broke its downward sloping trendline breakout within the channel. So, we suggest you to average on close above Rs 74.
GRUH FINANCE
CMP: Rs. 267.95 BSE Code: 511288
I am holding Gruh Finance bought at Rs 287 levels. What should be my next action?
- Thounaojam Jurist
EXIT GRUH FINANCE ON CLOSE BELOW RS 259
Gruh Finance is currently trading at Rs 267.95. Its 52-week high/low stand at Rs 381.95/235.45 made on June 7, 2018 and November 8, 2017 respectively. Considering the daily time frame, the stock hit shooting star at its 52-week or all-time high level and witnessed a sharp downfall of up to Rs 297 level, where it also broke its 100-day EMA support level. The stock attempted a bounce-back of up to 61.8% retracement level, but witnessed multiple resistances at those levels and retreated yet again breaching its 200-day EMA level too. The stock is trailing near its prior support level of Rs 260-264. We suggest you to exit below Rs 259.
ICICI PRUDENTIAL
CMP: Rs. 320 BSE Code: 540133
I have purchased ICICI Prudential at Rs 378 level. Shall I hold or exit?
- Balasubrehmaniam CK
HOLD ICICI PRUDENTIAL LIFE INSURANCE COMPANY FOR NOW
ICICI Prudential is currently trading at Rs 320. Its 52-week high/low stand at Rs 462/Rs 302 made on May 11, 2018 and October 8, 2018, respectively. The stock was trading in a range pattern from nearly Rs 360 to Rs 450-460 levels since September 2017. The stock gave a range breakdown on July 16, 2018, followed by a sharp pullback near to the 61.8% retracement of the prior downward move. The stock retreated and retested the downward trendline. The stock hit a Doji at its 52-week low level and has bounced back supported by the 14-period RSI positive crossover just above the oversold zone. The stock may give a sharp short-lived upside, which is its tendency. We suggest you to hold.
TV18 BROADCAST
CMP: Rs. 34.45 BSE Code: 532800
I bought TV18 at Rs 43 last month, but the stock fell badly after that and I could not sell. What should I do?
- Sumit Agarwalla
EXIT TV18 BROADCAST BELOW RS 32
TV18 Broadcast is currently trading at Rs 34.45. Its 52-week high/low stand at Rs 70.90/Rs 32 made on April 4, 2018 and October 9, 2018, respectively. The stock formed a bearish engulfing pattern at its 52-week high level and tumbled. Thereafter, the stock bounced back up to 38.2% retracement of the prior downward rally and retreated yet again forming a head & shoulders pattern on the daily time frame. The stock gave a pattern breakdown near Rs 50 level, which was also its resistance-turned-support breakdown. Now the stock is trailing at its 52-week low. We suggest you to exit below Rs 32, which is its double bottom and probably won’t be broken.
HDFC AMC
CMP: Rs. 1,345.20 BSE Code: 541729
I had bought HDFC AMC at Rs 1425 considering it to have bottomed out. Now what to do?
- Tushar Yeole
AVERAGE HDFC AMC AT CURRENT LEVELS
HDFC AMC is currently trading at Rs 1345.20. Its 52-week high/low stand at Rs 1969.50/ Rs 1248.30 made on August 27, 2018 and September 21, 2018, respectively. After hitting 52-week low, the stock hit a hammer-like pattern, but saw a whipsaw after three trading sessions and retreated again. The stock was seen consolidating at the 52-week low levels, where it hit near Rs 1250 level twice. With this, we may see a triple bottom pattern in the making. Recently,on October 10, the stock broke its consolidation and hit above Rs 1322 level on a closing basis with rising volumes and 14-period positive crossover in the oversold zone just a day earlier. We suggest you to average at the current levels for some more upside.