Banking stock has seen some profit booking after a new high last month..Bank nifty suggest some more downside if it doesnt pick up this week. As i was talking to one of the trader he got me in focus this stock. I studied the chart of DENABANK and i think this could be a multibagger stock in banking sector. Attached above is weekly chart of the bank and we could see how it has performed after a low of 24. Quarterly result was little disappointing but ofcourse bad news slide is the best chance to buy for long term. So technically i feel 93-106 is the best range to buy the stock in current scenario. 173-195-256 are some long term targets with holding period of minimum of 6 mnths. Though long term calls dont have a stop loss but i will like to give you stop loss of 84. But am sure you should bet on the stock
Buy MARUTI for the long term investment with tgt of 2870
Short term tgts aprrox 1538/1688/1789
Studying the Weekly chart of Maruti from Elliot wave perspective, i could suggest that it is currently trading in the Wave e (Brown) of one lager wave 1 (Dark green) of Wave 3 (purple) of Main trends Wave 3 (red).Consufed??? leave it ..in simple words it is in the long term bull run. If u are long term investors buy the stock blindly for 2-3 years with tgt of 2870 while if u are a short term trader than buy on dips with tgts of 1538/1688/1789 with stop loss of 1225. Looking at the encircled portion in graph it is another buy signal in lay man language. 50 Weekly SMA is abt to give crossover abve 100 and 200 Weekly SMA whch is a strong bull event. Aab saab baache ke BAAP bolenge…’kya karoon beta petrol khatam hi nahin hota’
ICICI bank has posted gud quartely numbers last week. Even technically also it has given the breakout of resistance line at 881 today at 9:53:00 am. As you could notice in the chart that line was tested almost 5 times so the resistance was strong which has been broken. Indicators on Daily chart are also suggesting to be biased on bull side. Stock is trading over all the moving averages which is a good support sign. We can go long on ICICI bank with stop loss of 840 but square off your positions today itself if it trades below 870. Upside tgt can be 913/980
Capital good sector had seen too much ups and down last year but state run BHEL is expected to give some handsome returns to short term investors.Technically stock has taken support at important level of 100 SMA. Few of the indicators have also seen some turn-around characteristic for the stock. We could even notice a “Morning Star” pattern for the stock which is a bullish sign. We recommend to buy BHEL near to 285 (price at 2:40:00pm) with stop loss of 278 and tgts 291/296/301/306
Another bearish candlestick pattern has been witnessed on Tata Motors chart. “Bearish Engulfing” as circled in the attached graph is a bearish signal and we could expect a correction. Stock has outperformed the index in last rally from 180-290 non-stop and it has been resting since making new high. For the first tym after 180 you could notice that stock has closed and trading below all the short term moving averages (blue,yellow and green lines near the high of todays candle). Indicators has been supporting bears since last few days. Chart shown above is of Tata Motors future and we could notice that future has been in consolidation phase during the way downside between 263-276. Now stock could go either way but analyzing the market overall we could be more on the bears side. jaguar has always been a wild card for tata motors and only it can save otherwise be on short side. Important downside targets are 254/249/235/222. Currently at 12:32pm future is trading at 269 and risky players can short at CMP or safe traders can short below 264 with strict stop loss of 276 on future.
Bajaj-Auto has seen some resistance near to 1800 levels. We can witness some weakness in the stock. A Double top pattern which is a top reversal pattern has been witnessed on the chart. Stock is trading below all the short term moving averages and all indicators are showing some weakness. it would be a good chance to sell Bajaj-Auto future below 1718 with tgt of 1605 stop loss 1764.
Market yet hovering around 4700 at 12:45 pm IST… What next??? Cant say anything until todays end but i found something interesting on tatasteel’s daily chart and thats probable “Double Bottom”. As you can see last bottom was at 367 while today bottom has slightly near to it 367.40 until now but i though risky buyers may take risk by going long on the stock for next week. Volume has not yet been so high on second bottom as on first bottom. But still anything can happen in last 2 hours so risk takers and go get tata steel with tgt of 421 as per my view… But keep strict SL of 365.
1. I recommend to buy HINDALCO with Stop loss of 147 tgt-169/176
2. I recommend to buy ICICI Bank with Stop loss of 876 tgt-914/924/963
3. I recommend to buy SBIN with SL of 1940 tgt 2086/2125/2197
4. I recommend to Buy Reliance with Stop Loss of 767 tgt 870/894
Disclaimer: Please Keep Strict stop loss due to volatile market. And this our Delivery Base Calls and not intraday