In My last article, I mentioned about trading budget and market related to budget. In this one I will shed light on the stocks in my radar screen which I feel would provide some trade opportunities post budget.
Tata consultancy services is one of the few popular stocks in the service sector.But recently-it moved into a Range bound environment which caught my eye. Technically market is in a consolidation Phase
CNX Small cap index maitains the long term sell mode since Jul2014 and currently on the verge of breakout any close above 5291 on daily basis could change the trend to long term buy mode.
Reliance is down so far since May-June Phase (see the chart). And also if you notice closely there is no clear trend as price is moving from range to another range with small swings in between,This indicates that decline in price movement is weak and buyers are stepping in at every time stock makes a swing low
ONGC Futures (March 2014) on the 15min Intratrend Charts is in Buy mode since 18th Feb 2014 and the Buy mode continuing for a prolonged time. And the stochastic signals overbought levels. It is expected to break the support zone and turn to sell mode. One can short if ONGC Future closes below 316 on the 15min charts.
Channels are very powerful trading tools check out old post for CANBK & FINANTECH. I always try to find out if there any price channel in formation. One such highly rewarding trade is shown in chart above.
Gail is in buy mode on the weekly charts with supports coming 371. One can have a stop loss below Rs371 on EOD basis for a target of Rs 400 and Rs 425.
Maintain Strict stoploss as we are trying to do bottom fisihing.
Dr Reddy Stock is currently facing resistance near Rs 1680. A Close above 1680 could have a potential to reach Rs 1850-1860 and Rs 1950 as the second target.
SL Rs 1600 for postional traders.
Four NSE Stocks IDEA,Sun TV, Escorts, Havells India to watch for breakout this week
Monthly Chart Show level of 660 will be important on closing base.if close below 660 than stock can come down to 600-610, 560 and 460. Intraday Basis -Stock Can Take supports around 665-60,646 ,640,620
BHEL is a heavily beaten stock in since 52 weeks. It has lost almost 50% in one year. Now trading at 298. It is very difficult to digest these kind of moves in a stock which is one of the major movers in Nifty-50.
Ichimoku daily charts for Ranbaxy indicates a recent buy signal on the charts with EOD supports coming around Rs456-457 zone. One can buy this stock for a target of Rs 480 and Rs 512.