Technical Portfolio Guide
TECHNICAL PORTFOLIO GUIDE
ORACLE FINANCIAL SERVICES SOFTWARE
CMP: Rs.4210 BSE Code: 532466
I am holding OFSS bought at Rs 4220, but I could not sell when it went above Rs 4350. What to do now?
- Rahul Kulkarni
HOLD OFSS WITH A STOP LOSS OF RS 3985
OFSS is currently trading at Rs 4210. Its 52-week high/low stand at Rs 4376.30/Rs 3254.15 made on January 24, 2018 and January 31, 2017, respectively, which depicts an uptrend. After hitting its 52-week and all-time high, it corrected for three consecutive trading sessions. On January 31, the stock bounced back and took support at 61.8% retracement level of the prior upward move on a closing basis. The bounce was supported by spurt in volumes and 14-period RSI at 57, suggesting momentum in the stock. Meanwhile, the stock has also taken support at its 5-day and 20-day EMA levels. With this, we suggest you to hold the stock with a stop loss of Rs 4080, or for risk takers, Rs 3985.
SUNFLAG IRON & STEEL
CMP: Rs.82.05 BSE Code: 500404
I am holding shares of Sunflag bought at Rs 86.50. What should I do now?
- Hari Shankar Vishwakarma
EXIT SUNFLAG IRON STEEL AT CMP
Sunflag is currently trading at Rs 82.05. Its 52-week high/low stand at Rs 90.75/Rs 33.25 made on January 24, 2018 and January 31, 2017, respectively, showing an uptrend. Considering the daily time frame, the stock hit double top near Rs 90.70, i.e. at all-time high levels. After that, the stock has witnessed correction for four consecutive days. The stock has been trading in upward sloping channel pattern starting September 20, 2017. With this, the stock may correct more up to the level of Rs 78 level. Weak volumes and the 14-period RSI turnaround suggest lack of upside momentum. Hence, we suggest you to exit at the current levels.
SNOWMAN LOGISTICS
CMP: Rs.55.85 BSE Code: 538635
I have bought Snowman at Rs 58, its not going up since then. What to do?
- Arun Chopra
EXIT SNOWMAN LOGISTICS BELOW RS 54
Snowman Logistics is currently trading at Rs 55.85. Its 52-week high/low stand at Rs 71/46 made on January 12, 2018 and August 11, 2017, respectively. Considering the daily time frame, the stock gave a multiple point downward sloping trendline breakout at Rs 59.40 on January 1. The stock thereafter witnessed a pullback, after hitting a kind of double top at Rs 71 during mid-January 2018. The stock witnessed a sharp correction where the price entered below the trendline level. Recently, the stock gave a bullish reversal Doji with confirmation on January 30 and 31. Hence, we suggest you to hold the stock for some more upside, but with a strict stop loss of Rs 54.
ADF FOODS
CMP: Rs.270.85 BSE Code: 519183
Can I enter ADF Foods at the current levels?
- Bhushan Vilas Arekar
AVOID ADF FOODS FOR NOW
ADF Foods is currently trading at Rs 270.85. Its 52-week high/low stand at Rs 347.50/Rs 144.30 made on December 1, 2017 and February 28, 2017, respectively. Considering the daily time frame, the stock resisted its upward sloping trendline level of Rs 338, i.e. at its all-time high level. Thereafter, the stock has witnessed almost a continuous fall of 23%. Recently, the stock has halted at its prior resistance-turned-support level. However, very poor volumes and no signs of the 14-period RSI bouncing back from the oversold zone, suggest lack of momentum for now. Hence, we suggest you to avoid entering at the current levels.