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You are here : IndiaNotes >> Research & Analysis >> Companies >> Reliance Capital Ltd. >> Research

Monthly Technical Stock Picks

HDFC Sec | 03 Nov, 2014  | Follow Author | Add to my Favourites 
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Reliance Capital


Observation


- The attached daily chart of Reliance Capital Ltd is indicating a lower levels consolidation/accumulation pattern with positive bias in the last couple of weeks.


- Currently, the stock price is making attempt to move above the consolidation area with sharp upmove of toady. This could be an indication that bulls are making strong comeback here.


- The stock is currently making attempt to break above another intermediate term resistance of 200day EMA (Pink curvy line) around Rs.477.00. On the move above that level, one may expect trigger fresh buying in the stock price.


- Daily momentum oscillator like 34 period stochastic indicator is in the process of moving upward from the consolidation of oversold region of 20 levels. This could be an indication that upside momentum is gradually gaining its strength.


-Positive chart pattern and momentum is showing an opportunity for short term buying in Reliance Capital Lid.


Recommendation

Action: Buy in the range of 475-468

Target: 535

Stop-loss: 445

Time horizon: 1-2 weeks


Patel Engineering


Observation


- The Patel Engineering Ltd has been in declining trend in the last four months, which is evident from the attached weekly timeframe chart.


- The stock price has made a bottom reversal in the last couple of weeks by forming a bullish hammer type pattern around Rs.86.15 and reversing sharply on upside. This seems to be a valid bottom reversal pattern as per weekly timeframe chart.


- The valuation support of around Rs.90.00 has been held nicely in the last few weeks and the stock price has breached above the immediate resistance of down sloping trend line (brown line) around Rs.95.00 levels during this week.


- Weekly upswing indicator like +DMI has widened afresh this week and made a new swing high of around 27 levels. This is signifying the strength of upswing and this in turn could be an opportunity for long trade in this stock for near term.


Recommendation

Action: Buy in the range of 99.50-98

Target: 112

Stop-loss: 93.50

Time horizon: 1-2 weeks


IL&FS Transport Networks


Observation


- Attached daily timeframe chart of IL&FS Transport Networks Ltd is indicating an excellent upside breakout of the consolidation of the last couple of weeks.


- After moving into sideways consolidation of the previous few sessions, the stock price broke out sharply today and moved above the multiple hurdles of around Rs.182 and Rs.188 (down sloping pink trend line and valuation


- Resistance of brown horizontal line respectively). This is a signal of aggressive participation of bulls and the underlying up trend is likely to continue for some more time.


- The daily 13 period MACD has turned up through its signal line from below the equilibrium area (zero line). This pattern of momentum oscillator is signifying the pattern of building up of upside momentum in the stock price.


- Overall positive chart pattern and momentum is suggesting for fresh buy in IL&FS Transport Networks Ltd for near term.

 

Recommendation

Action: Buy in the range of 197-193

Target: 222

Stop-loss: 184

Time horizon: 1-2 weeks


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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.




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