Technical Portfolio Guide

PRABHAT DAIRY 

CMP: Rs 94 
BSE Code: 539351 

Can I buy Prabhat Dairy as it has fallen tremendously?

- Sanjeev Burge 

AVOID PRABHAT DAIRY FOR NOW.

Prabhat Dairy is currently trading at Rs 94.00. Its 52-week high/low stand at Rs 241.00/ Rs 77 made on January 24, 2018 and December 3, 2018, respectively. The stock has been trading with lower tops and lower bottoms since its 52-week high levels, where it had formed a shooting star kind of reversal pattern on the weekly time frame. After registering 52-week low, the stock has witnessed minor bounce-back, along with low volumes, which indicates it is just a pull-back and the downtrend is likely to resume soon. The poor volumes and the oscillators lying below 50 depict lack of momentum in the stock. Further, the stock is trading much below its important EMAs of 100-day and 200-day. Considering all the above factors, we recommend you to avoid buying Prabhat Dairy for now 

AGC NETWORKS 

CMP: Rs 115.20
BSE Code:500463 

Can I buy shares of AGC Networks at present?

 - Prashantha Kumar 

BUY AGC NETWORK AT CMP OR NEAR THE LEVEL OF RS 100 

AGC Networks Ltd is currently trading at Rs 115.20. Its 52-week high/low stand at Rs 142/Rs 46 made on May 31, 2018 and October 29, 2018, respectively. The stock witnessed lower tops and slightly similar bottoms after hitting 52-week high. Thereafter, it gave a multiple point horizontal trendline support breakdown at Rs 98 and saw almost continuous downfall with rising volumes and the stock hit below its major support at Rs 83 and Rs 74 levels. Recently, after forming base around Rs 60, the stock has witnessed breakout of downward sloping trendline on the daily time frame along with robust volumes. Additionally, the stock formed a sizeable bullish candle on the breakout day, which adds strength to the breakout. Meanwhile, it has also breached its major 50-day,100-day and 200-day EMA levels. The 14-period RSI has just cooled off from its overbought zone but, on the contrary, the correction was not supported by volumes, and hence, we suggest you to Buy AGC Networks at CMP or at a downside level of Rs 100.

ONGC 

CMP: Rs 143.55
BSE Code: 500312 

I am holding 50 shares of ONGC bought at an average price of Rs 138. Kindly advise me as to what the price movement will be in the long term. 

- Atanu RoyChoudhury 

HOLD ONGC LTD WITH STOP LOSS OF RS 134 ON A WEEKLY CLOSING BASIS. 

ONGC Ltd is currently trading at Rs 143.55 Its 52-week high/low stand at Rs 212.90/Rs 134.75 made on January 25, 2018 and December 11, 2018, respectively. The stock witnessed kind of double top pattern at around Rs 211-212 levels in January 2018 and February 2017. Thereafter, the stock marked a sequence of lower tops and lower bottoms and marked a low of Rs 134.70 near the upward sloping trendline support. Near the trendline support, the stock formed an outside day candle which resembles a ‘bullish engulfing’ on the weekly scale as on weekend of December 14, 2018. The reversal pattern near the support is justified with good volumes. At present, the stock is hovering around the 50-day SMA. Considering this, we suggest you to Hold the stock at the current levels if you have enough risk appetite for a target of Rs 158, but follow a strict stop loss of Rs 134 on a weekly closing basis which is its upward trendline support level on the weekly chart.

STAR 

CMP: Rs 479.80
BSE Code:532531 

I am planning to buy shares of Star for the short term. Please provide your views on the stock and suggest an entry price. 

- Puneet Singh 

BUY ONLY ABOVE RS 480 ON A CLOSING BASIS.

Star Ltd is currently trading at Rs 479.80. Its 52-week high/low stand at Rs 859.03/Rs 334.10 made on January 10, 2018 and June 8, 2018, respectively. The stock witnessed lower tops and lower bottoms after hitting all-time high. Thereafter, it gave a multiple point horizontal trendline support breakdown at Rs 849 and gave almost continuous downfall with rising volumes. However, after witnessing a double bottom around Rs 330 during the end of May 2018, the stock has seen contracting consolidation since then. At present, the stock has attempted to break the trendline resistance on the daily time frame, but it faced resistance near Rs 480 level. The stock has recently given close above its 200-day moving average and the MACD has also given centreline bullish crossover, which is positive for the stock. However, for any further upside, the stock need to form sizeable bullish candle above the trendline resistance. Hence, we suggest you to Buy Star only above Rs 480 (on a closing basis), if the RSI and volumes are supportive.

DCB BANK 

CMP:Rs 176
BSE Code: 532772 

I have bought shares of DCB Bank at Rs 165, Should I hold or book profits? 

- P Angayalkanni 

BOOK PARTIAL PROFIT AT CURRENT PRICE AND HOLD THE REST WITH THE STOP LOSS OF RS 169 ON A CLOSING BASIS. 

DCB Bank Ltd is currently trading at Rs 176. Its 52-week high/low stand at Rs 204.55/Rs 139.50 made on April 17, 2018 and October 1, 2018, respectively. After hitting its all-time high, the stock witnessed correction and hit the low of Rs 139.50, the correction is halted near the 50% retracement of the upward rally from February 2016 to its all-time high and it coincides with its long term 200-week SMA. Recently, on the weekly time frame, the stock has witnessed a pull-back after giving a downward sloping trendline breakout at Rs 163. However, considering the daily time frame, the stock has made a double top pattern, which suggests correction before another northward movement. The 14-period RSI is also quoting at 71.75, which suggests overbought in the stock. The oscillators are in the oversbought zone, but yet to confirm the reversal. Hence, we suggest you to book partial profit at the current price, and hold small quantity with the stop loss of Rs 169 on a closing basis.

COLGATE PALMOLIVE 

CMP: Rs 1325
BSE Code:500830 

I am holding Colgate Palmolive at Rs 1260. Should I hold or book profit? 

- Murugan Shanmugam 

BOOK PROFIT AT CURRENT PRICE. 

Colgate Palmolive Ltd is currently trading at Rs 1325. Its 52-week high/low stand at Rs 1365.20/Rs 1020.10 made on January 1, 2019 and October 9, 2018, respectively. The stock has been trading with higher tops and higher bottoms since its 52-week low levels, where it had formed a hammer kind of pattern near the 200-week SMA. However, considering the weekly time frame, the stock is trading in consolidation range since last four weeks and formed three bearish candles, which predicts profit-booking at higher levels. The stock has recently given a close below its short term moving average, i.e. 21-day EMA. However, higher volumes and oscillators tilted southward point to some more downside for now. There is negative divergence spotted on the 14-period day RSI, which is negative for the stock. Considering all above factors, we recommend you to book profit at the current price.