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Weekly Equity Picks: Hexaware, Bharti Airtel

Way2wealth | 08 Jan, 2018  | Follow Author | Add to my Favourites 
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Hexaware (Cash): Looking at the weekly chart, stock has seen in a strong up trend in past several weeks and hit a fresh all-time high of around 350.

- Subsequently, we saw price wise as well as the time wise correction which eventually resulted into a formation of bullish flag pattern.

- The said pattern is a continuation pattern which usually occurs during the middle of the trend and during last week stock confirmed its breakout from said pattern.

- The weekly 9-45 EMA on price as well as on the RSI is positive.

- The volume activity has started picking up which support our hypothesis.

- Thus, we advocate traders to buy this stock in a range of 358 to 353 with a price target of 400. Stop loss should be placed at 338.

Recommended Action: Buy.


Bharti Airtel (Cash): Looking at the daily chart, stock had rallied sharply and confirmed its breakout from long consolidation.

- Subsequently, stock slipped into consolidation which led to a formation of Bullish Cup & Handle formation.

- The said pattern will be confirmed if stock closes above the neckline of the pattern which is pegged near 543.

- The daily Bollinger Band index got squeezed indicates shift in volatility.

- The 9-45 EMA on daily as well as on RSI (14) is still positive indicates the overall trend is up.

- Combining the above technical evidences, we recommend traders to buy this stock above 543 with an upside price target of 610. Stop loss should be placed below 510.

Recommended Action: Buy.

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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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