“Most probably in the coming week we might see a new life time high. We have been skeptical about the rise in this market since past few weeks but the bulls seems to be in no mood for any kind of breather. Thus it is better we look for a confirmation on the downside in case of any signs of profit booking. For the time being; 18000 would be intermediate support and a breach of the same might apply brakes to the ongoing momentum. Traders can follow a trailing stop loss of 18000 for their existing long positions,” said Mehul Kothari – AVP-Technical Research, Anand Rathi Shares & Stock Brokers
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Target Rs.146
Stop Loss Rs. 127
On a daily chart, Shipping Corporation is classically moving in a well channelized manner. The price has respected the channel’s upper and lower trend line every time it has touched. The price is trading above the 21 day’s exponential moving averages, which indicates a positive trend. In addition, Technical Indicator ichimoku cloud suggests that the price is trading above the conversion line and base line which shows positive trend inthe counter. The Momentum Oscillator RSI (14) is reading above 65 levels, which add more strength on the upside. Observations of the above factors indicate that a Bullish move is possible in the counter.
(Vishal Wagh, Research Head, Bonanza Portfolio)
iStock
Target Rs. 474
Stop Loss Rs 441
In the last trading session, the price has given a breakout of the Symmetrical Triangle Pattern with a spurt volume indicating a continued bullish trend. In addition, the price has been also trading above the 21 exponential moving averages. Moreover, the indicator MACD also indicates the long position with a positive crossover. Observations of the above factors indicate that a Bullish move is possible in the company.
(Vishal Wagh, Research Head, Bonanza Portfolio)
iStock
Target price :Rs 610
Stop loss: Rs 550
The stock has been in a strong uptrend on medium term time frame and recently it confirmed a range breakout above 570 mark. This breakout has occurred above 200 day SMA and EMA. The price action also resembles a bullish Cup and Handle formation.
(Mehul Kothari – AVP-Technical Research, Anand Rathi Shares & Stock Brokers)
iStock
Target- Rs 1600
Stop loss: Rs 1480
The stock Whirlpool seems to be a bit oversold on the smaller degree charts. We are witnessing a Hammer kind of formation on the daily scale and that could be a sign of some reversal. The daily RSI too has confirmed a bullish divergence.
(Mehul Kothari – AVP-Technical Research, Anand Rathi Shares & Stock Brokers)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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