Weekly Equity Picks: Oil India, Amara Raja Batteries
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Oil India (Cash):
- Looking at the weekly chart, we are seeing a formation of Positive Reversal which is a bullish indication.
- Top bottom support seen on weekly chart along with the 50% Fibonacci retracement placed near previous week low of 327.50
- The daily Higher Top Higher Bottom formation is intact. Along with the last Monday’s price action formed a price close support line.
- The daily RSI (14) found support near 40 and reversed hence maintained its bullish range.
- Hence, traders are advised to buy this stock in a range of 339 to 335 with a price target of 369. Stop loss should be placed at 319.
Amara Raja Batteries (Cash):
- Looking at the daily chart, stock has formed three point Bullish divergences where the third point has a range shift as RSI (14) took support near 40 levels.
- Thursday’s price action has formed close line support which indicates the last week low of 855 will act as a strong support.
- Looking at the current price structure on close only chart resembles a triple bottom formation and the neck line of said pattern comes near 920 on closing basis.
- Combining above technical evidences, we advised traders to buy this stock in a range of 890 to 885 with a price target of 995. Strict stop loss should be placed at 840.
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