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 closing basis.

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Stocks to Watch For Tuesday: BAJAJ CONSUMER CARE LIMITED

Currently, Bajaj Consumer care is trading near its multi support horizontal line and is making double bottom at lower levels. The stock has slipped lower till 355 from where chances of developing of demand are higher and it has been trading in a range bound zone of 340-360.

Positive divergence in RSI on the daily chart and declining histogram in MACD on the weekly chart suggest upside momentum. As long as it sustains above 355, Buy Bajaj Consumer around 355-356 with a stop loss at 340 for the targets of 372-385.

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Market Commentary

The 30-share BSE Sensex fell 151.45 points to 36,395.03 and the Nifty50 plunged 54.80 points to 10,888.80.

IOC, TATA STEEL, CIPLA, TATA MOTORS, ZEEL were the top gainers among Nifty 50 stocks while DRREDDY, M&M, ONGC, HINDALCO were the top losers.

News Highlights

•The Indian Banks’ Association (IBA) may again approach the Reserve Bank of India (RBI) to defer provisioning for Infrastructure Leasing & Financial Service (IL&FS) group companies

•Country’s largest power generator NTPCNSE -1.29 % will regulate power supply to Jammu & Kashmir for not clearing Rs 1,985 crore dues. The company has asked to state to clear the pending dues or face blackout.

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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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