Natco Pharma Limited has broken out from a downward trend line formation. The price has now breached the neckline of 540 and is also sustaining above RSI has given positive crossover suggesting price is likely to move 580 on the upside.
It is also holding above its 50-DEMA for the past three weeks trading sessions. NATCO PHARM may be bought in the range of 540-541 for the targets of 555-572, with stop loss below 519 on closing basis.
On the daily chart, Zensar Technologies Limited has turned
upwards after taking support at the lower end of the head and shoulder chart
pattern suggesting bullishness building up in the stock. It Sustained above 248
will resume the up side move towards 265-267 levels.
The RSI has turned higher after constantly taking support at
the 64-level suggesting that bulls are having an upper side move. We recommend
buying in the stock in the range of 248-249 for the targets of 257-266, keeping
stop loss below 235.
Linde India Limited has seen a major consolidation between
505 and 472 levels for the last 8 days. On the shorter-term time frame, it has
formed an ascending triangle chart pattern over the two-month period and saw a
breakout in April to touch a high 526.
Also, the price has taken support at its 21-days exponential
moving average and holding well above it. The Relative Strength Index (RSI)
have given a positive crossover. We recommend traders to take long positions in
LINDEINDIAin the range of 490-492 for the targets of 505-520, keeping stop loss
below 472 on closing basis.
Syngene International Limited price has given a breakout
from bullish “Measured Move – Bullish” chart pattern on the daily charts,
which indicates a continuation of a primary uptrend. The stock has been forming
higher bottom – higher highs chart since 25-march -2019.
It has moved past above moving average Indicators bullish on
the short to medium term charts. We recommend traders to take long positions in
stock around 615-616 for the targets of 635-655, keeping stop loss below 597 on
InterGlobe Aviation Limited futures has bounced back from
38.20% retracement level on daily charts and crossed 61.80% level and closed
above the level and expected to rise. Volumes also increased on daily charts,
indicating that bulls will take charges in upcoming trading days.
Technical indicators also supporting the bullish trend RSI,
MACD and KST are giving buying indication. The stock price has been sustaining
above 10 day’s EMA on the daily charts. It is recommended to take long
positions in INDIGO in the range 1239-1241 for the targets of 1270/1300 with a
stop loss below 1179.85 in upcoming days.
Indian markets extended gains to the third day, with Sensex
rising 193 points to 36,636 while Nifty settled at 11,053, up 0.55%. Energy,
metal and pharma stocks led the gains today.
BPCL, BAJFINANCE, ICICIBANK, HINDALCO, VEDL were the top
gainers on the Nifty, while losers were ZEEL, TATAMOTORS, IBULHSGFIN, AXISBANK,
•Country’s biggest mortgage lender Housing Development Finance Corporation (HDFC) on Wednesday announced an interim dividend of Rs 3.50 for the financial year ending March 31. The objective of payment of the dividend is to distribute dividends received by the company from its subsidiaries during the year.
Muthoot Finance Limited futures has retracement of 61.8% and sustaining above it strong support of 520 level on daily charts and expected to rise till the next resistance level of 100% retracement level i.e. 549. Volumes also increased on daily charts, indicating that bulls will take charges upcoming trading days.
Technical indicators also supporting the bullish trend, RSI
are giving buying crossovers. The stock price has been sustaining above 50
day’s EMA on the daily charts. Traders can take long positions in MUTHOOT FIN in
the range 522-523 for the targets of 549/574 with a stop loss below 499.
The Sensex was up 403.65 points at 35756.26, while Nifty was
up 131.10 points at 10735.50. About 1468 shares have advanced, 1107 shares
declined, and 161 shares are unchanged.
IBULHSGFIN, TATASTEEL, VEDL, ADANIPORTS, HINDALCO were the
top gainers among Nifty 50 stocks while DRREDDY, HEROMOTOCO, HINDUNILVR, ZEEL,
INDUSINDBK were the top losers.
News HighLights :
•According to the first estimate of Rabi production in
2018-19, National Bulk Handling Corporation (NBHC), Rabi cereals production is
expected to decline by 9.91%, while chana/gram is the most affected pulse
seeing 9.92% fall in acreage.
•The Goods and Services Tax (GST) Council meeting on
February 20 remained inconclusive after some state finance ministers sought a
physical meeting as they felt an issue as crucial as a special scheme for real
estate sector should not be discussed through a video conference. The meeting
will now take place in Delhi on February 24.
BEML Limited futures had strong resistance of 783 on daily
charts and expected to fall till the support of 50% correction level i.e. 710
.Volumes also increased on daily charts, indicating that bears will dominate in
the upcoming trading days.
Technical indicators also supporting the bearish trend KST,
MACD are giving selling crossovers. The stock price has been sustaining below20
day’s EMA on the daily charts.
Traders can take short positions in BEML in the range
753-752 for the targets of 740-710 with a stop loss above 782.85.
•The RBI is working on a set of rules that would link
remuneration of banks CEOs to parameters like balance sheet size of a bank,
loan delinquency, profits and governance record.
•Iran’s exports of crude oil were higher than expected in
January and are at least holding steady this month, according to tanker data
and industry sources, as some customers have increased purchases due to waivers
from US sanctions.
At the end, Sensex was down 145.83 points at 35352.61, while
Nifty was down 36.60 points at 10604.40. About 1360 shares have advanced, 1169
shares declined, and 122 shares are unchanged.
VEDL, GRASIM, BPCL, ZEEL, JSWSTEEL were the top gainers
among Nifty 50 stocks while WIPRO, TCS, INDUSINDBK, ADANIPORTS, NTPC were the
From the last two months, the stock has been consolidating
in a broader range of 330-350 along with DCM SHRIRAM buying at nick line
levels. On the daily time frame, the stock has formed a head and shoulder
pattern and has given a sharp pullback along with positive divergence on
Additionally, the stock has also given a breakout above the falling Wedge pattern along with marginally higher volumes. Thus, we recommend buying Insecticides India around 620-621 for the target of 635-650, keeping stop loss below 604.
Yes Bank, Zeel, JSW Steel and Tata Motors were the top
gainers, while IOC, BPCL, Hindalco, Bharti Airtel and Gail among major losers
on the Nifty.
Among sectors, energy, IT and metal stocks witnessed selling
pressure, while some buying interest seen in auto, bank, infra and Pharma
Power Thursday said it has submitted bids for two storage projects in the
recently concluded auction of Salt River Project utility in Arizona, USA.Bids
have been submitted for a cumulative capacity of 400 mega watt (MW).
inflation in fuel made India’s wholesale price inflation (WPI) cool to 2.76% in
January from 3.8% in December, data released by the commerce and industry
ministry on Thursday showed.
PI Industries recently witnessed a reversal in trend
favoring upward momentum after consolidating in multiple price range levels
including a decline from 52-weeks high over the last 3 months. The stock has
positive breakout seen on daily and weekly basis aided PI Industries to form a
medium bullish chart pattern.
The daily RSI placed
at 62 signals a buying regime at a current level along with positive cues from
MACD which suggests an upward shift. The stock has a support at 829 levels and
resistance level at 880. We have a buy recommendation for PI Industries between
880-882 level for a target of 900-915 and a stop loss of 859.
Sun Pharma, Coal India, JSW Steel and Zee Entertainment
gained the most, while Hero MotoCorp, HDFC, and Bharti Infratel lost the most.
Nifty50 continued its corrective phase for fourth session in
a row but seems to be attracting some support between 10,850–10,800 levels as
the pace of fall on the downside is somewhat sluggish in this zone
General Insurance Company Limited has filed the draft red herring prospectus
(DRHP) with SEBI.
•India and Russia have drawn up an ambitious agenda to boost
strategic partnership through joint efforts at various economic fora in 2019.
Zee Entertainment Enterprises Limited futures declined till 290 on 25 th Jan 2019 because of news in the sector. From 23.60% retracement level, chances of developing of demand is higher. The stock is showing signs of reversal.
The RSI has given positive signal whereas MACD and KST are
also giving positive crossovers with its average on the daily charts. Thus, we
recommend traders to take long positions in ZEEL FUTURES around 390-391 for the
targets of 399-410, with a strict stop loss below 364.45.
The Sensex was up 358.42 points at 36975.23, while Nifty was
up 128.10 points at 11,062.50. About 1032 shares have advanced, 1512 shares
declined, and 144 shares are unchanged.
TECHM, CIPLA, ZEEL, BAJFINANCE, TATASTEEL were the top
gainers among Nifty 50 stocks while ADANIPORTS, INDUSINDBK, DRREDDY, TITAN were
the top losers.
News High Lights:
•Domestic steel major JSW Steel on February 6 reported a
9.96 percent fall in consolidated net profit to Rs 1,603 crore for the
October-December quarter of 2018-19.The company had clocked a consolidated net
profit of Rs 1,774 crore in the year-ago period, JSW Steel said in a BSE
•Urbanite, Bajaj Auto’s new electric vehicle brand, will be
available in showrooms in the first half of next fiscal (H1 FY20), thus marking
the Pune-based company’s electric vehicle foray.