Weekly Equity Picks: HDFC, Engineers India
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- After posting an all-time high of 1537.20, stock encountered with decent profit booking and corrected towards 1460.
- The said level coincides with the previous daily high (please find the horizontal line) which will now act as a decent support.
- Due to recent correction the daily RSI (14) formed Positive Reversal indicates oversold situation.
- The daily Higher Top Higher Bottom formation is intact.
- Hence, we advised traders to buy this stock at current level of 1475 with a price target of 1550. Strict stop loss should be placed at 1433.
Engineers India (Cash):
- Looking at the weekly chart, stock has confirmed its breakout from Descending Triangle pattern by breaching the upper trend line.
- On a weekly chart, we are seeing bearish divergence which was followed by positive reversal.
- The daily 9-45 EMA on price is positive whereas on the RSI (14) is negative indicates the current trend is sideways to up.
- On a daily chart, we are seeing breakout from Bearish Divergence trend line drawn on RSI (14) chart.
- Thus, we recommend traders to buy this stock around 154 with a price target of 190. Strict stop loss should be placed at 139.50.
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