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You are here : IndiaNotes >> Research & Analysis >> Companies >> Amara Raja Batteries Ltd. >> Research

Weekly Equity Picks: Oil India, Amara Raja Batteries

Way2wealth | 31 Jan, 2017  | Follow Author | Add to my Favourites 
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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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About Way2wealth

Way2Wealth today has established itself as one of India’s ‘Premier Investments Consultancy Firms’, known for making investing simpler, more understandable and profitable for the investors. They offer a wide range of products & services viz: Equity, Derivatives, Currency Futures, Commodities Trading, IPO's, Mutual Funds, Portfolio Management Services & Depository Services.

 

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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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