We reiterate buy call of CESC as it was not initiated in previous trading session.
Buy CESC Limited @ 615-620 Stoploss 600 Target 660 CMP 622.65
* The stock has formed good base around its 61.8% Fibonacci Retracement level of prior up-move (Rs1125-1301).
* Positive cross-over in RSI & rise in Stochastic from its oversold zone is signaling strength in the stock, which will help it to utilize recent base formation and recover prior loss with a decent up-move.
STOCK IN FOCUS
* We believe that CIL’s current stock price has discounted decline in e-auction coal prices.
* On account of sharp decline in e-auction price, higher-thanexpected employee cost and other expenses, net profit of Coal India (CIL) fell by 77% yoy in 2QFY17. In line with our estimate, its consolidated net sales stood at Rs174
BANKNIFTY added around 17.30% of open interest as short positions. Call writing was seen at out the money strikes. We recommend doing a put bear spread as per levels given below.
BUY BANKNIFTY 18000 PE AT 108-110 & SELL 17500 PE @ 26-28, NET PREMIUM RECEIVED 82, SL 50, TARGET 150.
IRB Infrastructure Developers Ltd
IRB, after the recent slide, is now witnessing some rebound and has reached closer to resistance zone. Use this bounce to initiate fresh shorts in the given range.
Sell IRB Infrastructure Developers Ltd December Future @ 200-202 S
CESC has been holding strong and gradually inching northward despite weak market conditions, indicating its strength. Its recent consolidation is offering fresh opportunity to enter.
Buy CESC Limited @ 615-620 Stoploss 600 Target 660 CMP 620.75
SCRIP SYMBOL - GAIL
TECHNICAL RATIONALE – GAIL has been gradually inching higher since Aug, 15, making higher highs and higher lows on weekly chart. In recent fall, it has retraced to the support zone around 410 level and formed a fresh buying pivot. Traders can accumu-late fresh in the given range.
20/12/2016 11:57:30 AM
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IBREALEST shed around 1.6% of open interest as short covering along with some delivery based buying in previous sessions. On charts, it is trading on verge of resistance breakout from congestion zone of last one and a half month. We suggest buying 75 CE as per levels given below.
BUY IBREALEST 75 CE BETWEEN 0.60-0.
* The stock is making lower tops after forming a double top pattern at 292 mark slipping to close at 8 day low.
* The key technical indicators and RSI has also reversed turning downwards and as the stock is in poised for a breakdown from current levels.
* The stock has closed below its short term averages confirmi
Hindustan Unilever Ltd
FMCG counters are struggling at present and HINDUNILVR is no exception. It has failed in recent attempt of recovery and resumed its short term downtrend again.
Sell Hindustan Unilever Ltd December Future @ 815-822 Stoploss 835 Target 780 CMP
STOCK IN FOCUS
* Tata Motors (TML) M&HCV export segment is expected to contribute 25% to its total revenue from CV segment over the period.
* The company plans to improve its positioning in the domestic PV market via launch of new products.
* In JLR business, new product’s life cycle is opening up.
* New launches
HCL Technologies Limited
HCLTECH, after consolidating in a broader range, has formed a triangle pattern, which is continuous in nature. And, it’s now on the verge of breakout from the same.
Buy HCL Technologies Limited @ 820-826 Stoploss 790 Target 895 CMP
* The stock reversed forming “Double Top Pattern”around Rs168 and later slipped to three week closing low.
* Further fall in RSI & MACD post their negative cross-over is signaling weakness in the stock.
* As mentioned earlier, we believe that stock will remain in pressure for the short-term, where
STOCK IN FOCUS
* Ramco Cements (RCL) surged ~1% in Friday’s weak market on the expectation of better performance ahead with the possible improvement in sales volume from Jan’17.
* We believe that a possible uptick in utilization backed by improvement in southern consumption, sound profitability, consistent balance sheet de-leverag
Oriental Bank of Commerce
ORIENTBANK was trading in an indecisive manner form quite long time now. Passing week, it registered breakdown form triangle formation on daily chart. This indicates bearish bias to continue ahead as well.
Sell Oriental Bank of Commerce Ltd De
Glenmark Pharmaceuticals Limited
Breakout from six-week long trading range was witnessed on the weekly chart of GLENMARK. This breakout was backed by strong volume. This clearly indicates stock’s potential to trade at higher levels. Hence, we advocate buying this stock in mentioned range.