APTECH crossed past two week trading range from the higher side on Friday i.e. 9th December, settled on gains of over 7% on back of multi-fold volume. This breakout has opened the gates for further up move towards 185 levels. Hence, we advocate buying in the mentioned range.
BIOCON added around 11% of open interest as long positions along with some delivery based buying in previous session. It has also witnessed breakout from ‘Inverted Head & Shoulder’ pattern on daily charts. We recommend doing a bull spread as per levels given below.
* Nifty Dec futures volume weighted average price (VWAP) is at 8120 and Banknifty futures is at 18480.
* Call writing was seen at Nifty 8300 & 8400 strikes, Put writing was seen at 8200 strikes.
* In options, highest positions are still at 8300 CE and 8000 PE.
* Nifty is expected to be in the range
* Motherson Sumi (MSSL) is a pure play auto ancillary catering to Indian as well as global OEMs. Starting with wiring harness systems, MSSL has acquired and mastered businesses in several new domains globally. While standalone business will be a steady contributor to consolidated earnings, contribution from subsidiaries to increas
* The stock has closed at the upper end of the range trading positive in the last few days poised for a break out above its 20 day SMA.
* Stochastic & RSI are also coinciding with our view, as both the indicators are in bullish mode.
* We believe the stock will give a breakout on the higher side to test its me
POWERGRID added around 2% of open interest as fresh long positions along with some delivery based buying on previous day. On charts, it is trading in higher highs—higher lows formation since November 2015. We expect it to test 193 levels in short term.
BUY POWERGRID DEC FUTS BETWEEN 183-184.50, SL 181.50, TAR
STOCK IN FOCUS
* Indusind Bank Ltd closed 2.2% higher, outperforming benchmark NIFTY Index by 0.44%.
* The Bank has demonstrated strong performance in 2QFY17 led by the robust growth in balance sheet, best in class NIM’s of 4% coupled with consistent improvement on all major assets quality parameters
* The bank is well on the
Yesterday, i.e. 8th December, ACC tested crucial resistance barrier placed around 1375 levels on weekly chart and steep sell-off was witnessed there after, in day trade. We firmly believe, stock will trade with negative bias till it is below that level. Hence, we advocate short selling in mentioned range.
Indraprastha Gas Limited
We reiterate buy call of IGL as it was not initiated in previous trading session.
Buy Indraprastha Gas Ltd @ 835-840 Stoploss 795 Target 930 CMP 850.95
9/12/2016 9:46:01 AM
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* The stock reversed facing resistance of its short-term moving average 50-day EMA and later slipped to three day low.
* Due to recent reversal, key technical indicators-Stochastic & RSI turned downward from their overbought zone and bear market resistance area respectively, which is signaling lack of buying interest in
RELCAPITAL added around 1% of open interest as fresh short positions. Put buying (unwinding by writers) was witnessed. Stock has also created a fresh selling pivot on daily charts. We recommend buying RELCAPITAL 420 PE as per levels given below.
BUY RELCAPITAL 420 PE @ 12-13, SL 7, TARGET 25.
STOCK IN FOCUS
* Mangalam Cement (MCL) surged ~1% in yesterday’s volatile market on the expectation of better performance ahead with the possible improvement in sales volume in coming weeks.
* MCL’s initiatives in the form of multi fuel usability, new railway siding and thrust on increasing PPC production (currently at 60%) will a
SYNDIBANK is trading weak below its important long and short-term averages (200/100 EMA) from past couple of weeks, indicating down trend. Its current chart pattern suggest, it is set for fresh break down post sideways move that lasted for over two weeks. Hence, we advocate short-selling in mentioned range.
Indraprastha Gas Limited
Despite ongoing weakness in broader markets, IGL has been firmly holding ground and trading close to its 52-week high. Broadly, it is in up trend and is well placed at current juncture as well. Considering its overall chart pattern, we firmly believe it will continue on growth path ahead as well.
* The stock reversed facing resistance of inter-mediate falling trend line and closed in red post two consecutive flat trades.
* Due to recent oscillation in the stock prices, key technical indicators-Stochastic & RSI turned downward from their overbought zone and bear market resistance area respectively, which is signa