Stock To Watch:Monday:4Feb19: Tube Investments of India Limited

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Tube Investments of India Limited has been consolidating in a broad range of 335-345 for the last few weeks. However, in Friday’s trade, the stock broke its stiff resistance zone of 345 and closed. On the daily charts, the stock was facing stiff resistance around its 50-DMA 345 level and a close above that shows strength in the stock.

The weekly and daily strength indicator RSI and the momentum indicator Stochastic both have given positive crossover which supports upside momentum to continue in near term. We recommend traders to take long positions in TI INDIA around 340-342 for the targets of 352-365, with stop loss at 324 on closing basis.

To Check Daily Stock to Watch : CapitalHeight

Market Commentary :

HEROMOTOCO, MARUTI, HCLTECH, EICHERMOT, DRREDDY were the top gainers among Nifty 50 stocks while VEDL, ZEEL, YESBANK, SBIN,ICICIBANK were the top losers.

The Sensex was up 212.74 points at 36469.43, while Nifty was up 62.70 points at 10893.70. About 1189 shares have advanced, 1323 shares declined, and 137 shares are unchanged.

New Highlights :

•Interim Finance Minister Piyush Goyal has given some relief to the income taxpayers. Union Budget 2019 has proposed to offer a tax rebate for individuals earning up to Rs 500,000.

•State Bank of India has reported profit at Rs 3,955 crore for October-December quarter, driven by sharp fall in provisions and NII growth.

To Check Daily Stock to Watch : CapitalHeight

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