Technical Portfolio Guide
CAN FIN HOMES LTD.
CMP: ₹590.80
BSE Code:511196
What is the good buy price for Can Fin Homes for the medium-term?
- Komara Venkateswara Rao
CONSIDER BUYING ABOVE RS 600 ON A CLOSING BASIS
The stock of Can Fin Homes has been beaten down lately and plummeted about 12 per cent since its recent high. However, huge buying interest was seen at lower levels and the stock has seen a sharp recovery of about 13 per cent since its recent low of Rs 520.20. Currently, the stock is trading at an important resistance zone of Rs 580-Rs 600. On the weekly timeframe, the 20-week MA is placed near Rs 600. Moreover, the stock is likely to face tough resistance near Rs 590 level, which happens to be its 20-DMA and 200-DMA. However, the stock strength is seen improving as per the technical indicators. If the stock closes above this level with heavier volume, it means that it has the potential to deliver tremendous returns in the medium to long term. Thus, you can consider buying above the level of Rs 600 on a closing basis for the medium term.
NCC LIMITED.
CMP: ₹63.55
BSE Code:500294
What is the short-term outlook for NCC?
- Preethi Ravi
THE STOCK WILL TURN BULLISH ABOVE RS 64
After a strong downtrend, the stock has formed a double bottom-like pattern on the daily chart. The breakout level of the pattern lies at the level of Rs 64. Moreover, this level also happens to be its 20-DMA level. Thus, a strong price action above this level, coupled with huge volume, shall be a strong rally on the higher side. If this happens, the stock has the potential to test the levels of Rs 70, followed by Rs 72.5, which happens to be its 100-DMA. Also, keep an eye on the 14-period daily RSI to confirm the uptrend. A rise over the level of Rs 64 can yield decent returns in the short term.
E.I.D.-PARRY (INDIA) LTD.
CMP: ₹408.35
BSE Code:500125
I have bought EID Parry at Rs 450 for the medium term. What is the revised stop-loss?
- Somnath Kamath
MAINTAIN A STOP-LOSS AT RS 390
Your buying price is where the 200-DMA of the stock lies. The stock has seen a strongdownside post the breakout of its 200-DMA and hit a low of Rs 391.75. The zone of Rs 390-Rs 400 happens to be a strong support level for the stock. It has bounced back stronger from this zone and trades near its 20-DMA. However, the current price action does not suggest any strong move on either side. Thus, you can consider holding the stock for the medium term. However, if things turn sour, maintain a stop-loss at Rs 390, which is the lower limit of the support zone. Any close below the said level can see a major downfall in the stock.
SPENCERS RETAIL LTD.
CMP:₹81.80
BSE Code:542337
What is the target for Spencer’s Retail for the short term? I have bought it for Rs 75.
- Rakesh Rajbhar
TARGET CAN BE RS 84 FOR THE SHORT TERM
The level of Rs 75 happens to be a strong buying level for the stock. The stock is currently over 7 per cent above your buying level, which means you are already sitting with good profit. The stock shows signs of improvement and has recorded good volumes lately. The price action is in the favour of the bulls, and the strong downside seems quite unlikely. However, the stock can face a tough resistance at the level of Rs 84, which happens to be its 20-DMA. Moreover, if market sentiment improves, the stock can see further levels of Rs 90-Rs 91. Thus, you can consider booking profits accordingly.