Stock to Watch for Monday: CapitalHeight

Stock to watch: capitalheightDredging Corporation of India slipped towards 480 Jan 2019. For the last ten Days, the stock has been trading in the range of 480 to 422 and formed a flag and pennant chart pattern on the daily charts.The price has been moving around 20-day moving average for the last couple of days and is consolidating around in the range of 435 to 470.

The RSI has given positive crossover on the daily chart suggesting price is likely to see a breakout on the upside. We recommend traders to take LONG positions in the DREDGE CORP around 451-453 levels with a stop loss below 434 for the targets of 468-485.

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News Highlights:

  • India’s industrial production (IIP) saw a meagre growth of 0.5 percent in November as against 8.1 percent in October, data released by the statistics office showed. Factory output, measured by the Index of Industrial Production (IIP), is the closest approximation for measuring economic activity in the country’s business landscape.
  • IT major Infosys’ reported 12 percent quarter on quarter (QoQ) decline in December quarter net profit to Rs 3,609 from Rs 4,110 crore last quarter.

Market Commentary:

The SENSEX declined 97 points, 0.27 per cent, to 36,010, with as many as 21 in the red and the rest in the green. Its NIFTY counterpart settled at 10,795, down 27 points, or 0.25 per cent, with 16 stocks up and 34 down.

ITC, UPL, WIPRO, IOC, HINDALCO were the top gainers among Nifty 50 stocks while INDUSINDBK, TATA MOTORS , INFRATEL, TCS, YES BANK were the top losers.

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