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Weekly Equity Picks: Gujarat Pipavav Port, Union Bank

Way2wealth | 17 Aug, 2016  | Follow Author | Add to my Favourites 
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Gujarat Pipavav Port (Cash): Looking at the weekly chart, GPPL has seen a sharp correction from the top of around 259. The stock stabilized near 135 and we saw sharp recovery towards 185, however once again the momentum shift on the lower side and stock has gone through another round of correction. However, this time stock has seen strong buying interest near 150 and we saw vertical rise as a result stock went above its previous swing high of 185. In the process, the price saw a breakout from a ‘Falling Channel Trend line’. After witnessing a vertical rally, stock has retraced some of its gain and precisely tested the trend line from which it has given a breakout. On a daily chart, we saw a Positive Reversal formation and the impact of such pattern seen during the last week. Also, the 9-SMA on closing price has signal positive crossover with 45-EMA on weekly chart. Considering the above technical parameters, we advise traders to buy this stock around 175 with a price target of 200. Strict stop loss should be placed at 164.50. Recommended Action: Buy.

Union Bank (Cash):
Looking at the daily chart, Union Bank has gone through a very deep correction and lost more than fifty percent from its swing high of around 219. The stock found support near 102 twice which can be termed as a Double bottom pattern. Due to support based buying interest stock has seen a sharp rally and surpassed its previous swing high of around 139. However, stock failed to hold its gains which resulted into decent profit booking. If we look meticulously the two bottoms on daily chart then the daily chart has formed a Bullish Divergence and the recent correction from the top of 143 has formed a Positive Reversal which is a bullish pattern. Also, if we consider the Fibonacci retracement then price has precisely retraced the 50% of its entire swing move (please find the exhibit). Also, the daily RSI (14) has maintained the Rising Trend support. Considering the above technical parameters, we advise traders to buy this stock in a range of 129.50 to 126.50 with a price target of 154. Strict stop loss should be placed at 115. Recommended Action: Buy.

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143.40 -4.10
143.60 -3.60
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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 accept any liability whatsoever arising from the use of any of the above contents.

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