A Must Know things for Traders, #Nifty50 & #Banknifty Analysis, Stocks in Ban Period and #stocks to watch for intraday trading
A must know things for traders
Top Buy & Sell #Stocks for #IntradayTrading.
Be ready with your homework and never miss the chance to make #profit from #markets.
By Dinesh Sharma of Moneyites Global Research
In the previous week, we saw the Indian Equities has gained for the second consecutive week. The benchmark index Nifty 50 rose by 5.86% to close at 10142.
The Nifty 50 index expected to continue its bull run in the coming week as the current market rally supported by the broader market indices and FII inflows.
The Nifty 50 index has to challenge its 200 weeks simple moving average at 10352 and if the index takes off this resistance level we may see more upside to the level of 10500-10600.
3 Stocks to watch out in the coming week.
BPCL:- The shares of BPCL rose 3.46% to close at 369.60 in the last trading session. The price action has ditched the bearish trend and forms two bullish candles resemble a double bottom formation on the weekly chart. It is a bullish continuation pattern whose resistance placed at 375. The RSI indicator near the 50 marks has enough room for the upside.
The stock is on buying radar and if it takes off the intermediate resistance level of 375 on a closing basis may run 8-10% in the short run.
TorntPower:- The shares of Torrent Power rose 5.71% to close at 344.55 in the last trading session. The price action has a breakout from the inverted head and shoulder pattern with a spurt in the volume. It is a bullish continuation pattern and the RSI at a reading of 71 signals strong positive momentum to continue.
The stock price if manages to hold above the level of 320 on a closing basis may head higher to the level of 380-400 in the coming time.
UBL:-The shares of UBL rose 7.32% to close at 1017.05 in the previous trading session. The price action violated the resistance line of the ascending triangle formation and closed above it. The price rose on the heavy volume and closed near the day high on a positive note. The stock price may head higher to the levels of 1100-1140 in the short run. While the level of 950 is critical to hold on a closing basis.
IRCTC:- The Indian Railway Catering and Tourism Corporation Ltd (IRCTC) stock price corrected by 5% or -71.50 points to 1359.35. The stock price correcting from its all-time peak of 1994 and retraced more than 50% of its immediate uptrend.
The stock price has immediate and multiple support at 1290-1300 level. Closing below the support level it may continue the downtrend and the stock price may retest the level of 1170-1000 in the coming time. Whereas holding above the level of 1300 the stock price may see some bounce back to 1450-1500 level.
Also Read:- Stock Tips:- MFSL
Apollo Hospitals Enterprises Limited Share price making higher highs and higher lows, But in today’s trading session the price action forms a long bearish candle and closed below the support line. The stock price seems to top out and some more profit booking can be witnessed in the coming time.
So a sell position can be initiated at 1755-50 level for the downside price target of 1710-1660 with a strict stop loss of above 1785 on a closing basis.
MFSL (Max Financial Services Limited) stock price confirms a double top pattern on an hourly chart and price closed below the support line in today’s trading session. The RSI indicator at 44.53 again confirms weakness to further continues in the coming time.
So a sell position can be initiated at the current level for the downside target price of 525 with a strict stop loss of above 610 on a closing basis.
MCDOWELL (United Spirits Limited):- In today’s trading session the stock price breached the support line of short term uptrend and closed below the key support level.
Mcdowell’s stock price has closed on a weak note and expected to continue the downside in the coming session and so a short position can be initiated on the rise in the stock for a target price of 665-640 with a strict stop loss of above 703 on a closing basis.
Havells India Limited:- The stock prices seem to bottom out after the deep correction. The stock price is now in the consolidation phase and forms a double bottom whose close to a breakout.
Havells India is a short term buy call at 640-45 level with a price target of 660-670 level with a strict stop loss of below 629 on a closing basis.