Daily Stock to Watch : 15 Feb: DCM SHRIRAM

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 secondary indicators.

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.

To Watch Daily Stock to Watch :  CapitalHeight

Market Commentary

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 sectors.

News Highlights

Sterlite 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).

Lower 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.

To Watch Daily Stock to Watch :  CapitalHeight

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