Technical Portfolio Guide
BANK OF BARODA
CMP: Rs. 105.40
BSE Code: 532134
I am holding Bank of Baroda at Rs 135. Should I hold or Exit?
- Mukherjee S.
EXIT BANK OF BARODA AT THE CURRENT MARKET PRICE.
Bank of Baroda is currently trading at Rs. 105.40. Its 52-week high/low stand at Rs 157.45/Rs 90.70 made on August 9, 2018 and October 11, 2018, respectively. Since October 2018, the stock is trading in broadening formation and, recently, it has given breakdown of lower trendline of broadening formation pattern, which indicates further downward momentum. The major trend of the stock is bearish as it is trading below its weekly pivot and below its long-short term moving averages, i.e. 20-week EMA, 50-week EMA ,100-week EMA and 200-week EMA. The leading indicator 14-period weekly RSI is currently quoting at 40.55. The RSI is trading below its 9-day average and it is in a falling mode, which indicates further downside momentum. The weekly and daily MACD stay bearish as it is trading below its zero line. Moreover, the fast stochastic is also trading below its slow stochastic line. Considering all the above factors, we recommend you to exit Bank of Baroda at the current market price.
TEJAS NETWORKS LTD
CMP: Rs. 90.80
BSE Code: 540595
Can I buy Tejas Networks as it has fallen tremendously?
- Chetan Gupta
AVOID BUYING TEJAS NETWORKS FOR NOW.
Tejas Networks Ltd. is currently trading at Rs. 90.80. Its 52-week high/low stand at Rs 322/Rs 81.50 made on September 7, 2018 and July 30, 2019, respectively. The stock had formed reversal Doji candle as on weekend of January 12, 2018 and, thereafter, it had marked a sequence of lower tops and lower bottoms. The major trend of the stock is bearish as it is trading below its weekly pivot and below its long-short term moving averages, i.e. 20-week EMA, 50-week EMA and 100-week EMA. After looking at the daily chart, it has been continuously trading below its 200-day EMA level from September 2018. The leading indicator 14-period weekly RSI is currently quoting at 25.49 and it was not able to cross the 60 mark since January 2018. Currently, the volumes support the falling prices and oscillators are inclined southward, which suggests more downside from the current levels. Considering all the above factors, we recommend you to avoid buying Tejas Networks for now.
ADANI POWER LTD
CMP: Rs. 59.35
BSE Code: 533096
I have bought Adani Power Ltd at Rs 50. It is not moving in the short term. Please guide, Should I hold or book profit?
- Abhey Hamirbasia
BOOK PROFIT IN ADANI POWER AT THE CURRENT MARKET PRICE
Adani Power Ltd. is currently trading at Rs. 59.35. Its 52-week high/low stand at Rs 68.75/Rs 21.10 made on July 9, 2019 and October 8, 2018, respectively. The stock had given downward sloping trendline breakout on July 1, 2019 and, thereafter, it went on to touch a fresh 52-week high. Currently, the stock is trading below its weekly pivot and short term moving averages, i.e. 8-day EMA, 13-day EMA and 20-day EMA. Among the momentum indicators, the 14-period daily RSI cooled off after touching overbought zone and, at present, its reading is 48.20. The RSI is trading below its 9-day average and it is in a falling mode, which indicates further downside momentum. The fast stochastic is also trading below its slow stochastic line. Moreover, the daily MACD stays bearish as it is trading below its zero line since last 13 trading sessions. Considering all the above factors, we recommend you to book profit in Adani Power at the current market price.
AXIS BANK LTD
CMP: Rs.669.65
BSE Code: 532215
Can I buy Axis Bank at the current levels?
- Trivedi K.
AVOID BUYING AXIS BANK FOR NOW.
Axis Bank Ltd. is currently trading at Rs. 669.65. Its 52-week high/low stand at Rs 826.55/Rs 534.15 made on June 6, 2019 and October 26, 2018 respectively. The stock has been trading in a rising channel since October 2018 and, recently, it has given breakdown of lower trendline of the rising channel and gave almost continuous downfall. Currently, the stock is trading below its weekly pivot and short-long term moving averages, i.e. 20-day EMA, 50-day EMA, 100-day EMA and 200-day EMA. The 14-period RSI is currently quoting at 22.63 and it is in super bearish zone. The fast stochastic is also trading below its slow stochastic line, which depicts further downside momentum. The daily MACD stays bearish as it is trading below its zero line and signal line. Moreover, the bearish strength is very high as -DI is much above the +DI and the ADX. The ADX at 48.49 indicates that the bearish strength is strong. Considering all the above factors, we recommend you to avoid buying Axis Bank for now.