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Published on 29/11/2019 1:27:19 PM | Source: ICICI Direct

Stock Picks Of 29 November 2019 - ICICI Direct

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Jindal Stainless

* The stock has witnessed a breakout from the triangular consolidation pattern signalling a reversal of the last two years downtrend. The recent breakout offers a fresh entry opportunity to ride the next up move

* The recent breakout is supported by strong volume of more than the 10 weeks average volume of 16 lakh share per weeks signalling larger participation in the direction of trend

* The stock has immediate support at | 36.50 as it is 50% retracement of the recent up move (| 32.00 to | 40.50)

* The weekly 14 period RSI is in uptrend and is seen rebounding taking support at its nine period’s average signalling strength and validates positive bias

* Based on above technical observations, we expect the stock to maintain positive bias and head towards | 44.50 as it is confluence of the high of March 2019 and 50% retracement of previous major decline (| 72.00 to | 23.50)

Recommendation

Buy Jindal Stainless Ltd @ 38.00 - 39.20 SL 36.50 Target 44.50

 

Butterfly Gandhimathi

* The stock has registered a resolute breakout above the eight month’s consolidation range of | 200 to | 140 signalling termination of the corrective phase and resumption of up move, thus offering a fresh entry opportunity

* It has witnessed a faster retracement of the last falling segment as 14 week’s decline from | 198 to 140 was completely retraced in just 10 weeks signalling reversal of the corrective trend and start of a fresh up move

* The stock is seen consolidating above the 200 days EMA placed at 190 levels signalling strength

* The stock has immediate support at | 200 as it is the 23.6% retracement of the recent up move (| 142 to | 222) and low of the current week

* The daily MACD is in uptrend and is seen rebounding taking support at its nine periods average signalling strength and validates positive bias

* We expect the stock to maintain its positive bias and head towards | 235 as it is the 50% retracement of the entire decline of CY19 (| 327 to | 140)

Recommendation

Buy Butterfly Gandhimathi Ltd @ 207.00-213.00 SL 198.00 Target 235.00

 

Persistent System

* The stock recently registered a breakout above the trend line joining previous multiple highs since April 2019 as can be see in the adjacent chart. The share price is consolidating above the breakout area in the last week and is seen moving above its previous week’s high (| 674) on Thursday, thus providing a fresh entry opportunity to ride the next up move in the stock

* The stock has immediate support at | 635 as it is the confluence of the 50% retracement of the previous up move (| 583 to | 688) and the recent breakout area, which is likely to reverse its role and act as support in short-term

* The weekly MACD in uptrend and has recently moved into positive territory signalling strength and validates positive price structure

* We expect the stock to resolve higher and head towards Rs 735 levels as it is the 61.8% retracement of the entire decline (Rs 915 to 469) placed at Rs 735 levels

Recommendation

Buy Persistent System Ltd @ 670.00-678.00 SL 635.00 Target 735.00

 

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