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Published on 1/01/2018 4:11:18 PM | Source: Choice Broking Pvt Ltd

Stocks Picks For 2018 - Choice Broking

ONGC

* On a quarterly chart, the stock has formed a Bullish Harami candlestick pattern which is a bullish reversal formation, apart from this, the preceding candlesticks is trading above the high of Harami candlestick which confirms the reversal of the trend.

* On a monthly chart, the stock has given a breakout of its range bound move in which it had been trading for more than three months which shows that the stock has shifted its range to an upper level.

* On a weekly chart, the stock has given a breakout of its upper band of symmetrical triangle formation which indicates a bullish reversal movement in the counter.

* Moreover, the stock has been continuously taking a support of its 50 weeks moving average which is placed at 178.35 level which shows that the stock could propel its upside movement from the present level.

*  A weekly indicator MACD reading is at 6.41 level with a positive crossover, apart from its, MACD is trending above its zero line which points out for a positive breath in the stock.

 

 

Recommendation

Buy ONGC @ 195.20 & Upto 185.00 for the Target of 230.00-250.00

AMARAJABAT

* On a monthly chart, after forming a topical high of 1079.70 level in Sep-16, the stock had corrected its self-up to the level of 666 level, however it clearly seems that the stock has found a strong base at 666 level which is a 50.00 retracement level of its previous bull run from 205 to 1128 level.

* Moreover, with the forming of the strong bull candlestick with above-average volume in Nov-17, the stock has absorbed its stiff selling pressure which was witnessed during the period of Aug-17 to Oct-17. Additionally, to support the above structure, the stock has formed a Long Leg of Lower Shadow candlestick which is a continuation formation of its contemporary trend which is now in a coloured of Green.

* On a weekly chart, the stock has given a breakout of its upper band of Descending spilling channel formation which is the price action contained between downward sloping parallel lines. And a higher high above the high of a descending channel can signal a trend change which we can clearly see on a chart. Moreover, the stock has been trading with its strong support of 21 weeks moving average which shows that near to medium term trend is up and the stock could accelerate its upside movement.

*  A weekly momentum indicator RSI reading is at 60.54 level with a positive crossover, apart from this, the RSI has given a breakout of its downward sloping trend line which points out for a positive breath in the stock.

Recommendation

Buy AMARAJABAT Ltd @ 840.20 & Upto 800.00 for the Target of 1040.00-1073.00

SAIL

* On a yearly chart, the stock has formed a Morning Doji Star candlestick and it is signalling a change in trend from bearish to bullish. And mostly traders use it as an early indication that the downtrend is about to reverse.

* On a quarterly chart, the stock has formed a Bullish Marubozu candlestick with above-average volume, moreover, the stock has engulfed its hefty congestion period with an accentuated buying activity which indicates a further upside movement in the counter.

* On a weekly chart, after spending weeks in a range bound move, the stock has given a breakout of its upper band of Flag formation with above-average volume which can be considered as a continuation formation.

* Even after taking a clue from its 200 weeks moving average, the stock has given a healthy bounce back and has managed to sustain above its upper range with health volume. This type of formation on moving averages, often confirms trend reversal move.

* A monthly indicator MACD reading is at 7.71 level with a positive crossover, apart from its, MACD is trending above its zero line which points out for a positive breath in the stock.

 

 


Recommendation

Buy SAIL Ltd @ 92.15 & Upto 87.50 for the Target of 112.95-117.00

UPL

* In recent months, the stock had given healthy correction from its topical high of 902.50 level, however, this correction paused at 695.10 level which is a 38.20% Fibonacci retracement level of its classic up move from 367.25 level to 902.50 level. This type of structure on Fibonacci retracement level always considers an intermediate trend reversal point where one could make a buy entry with decent Stop-Loss.

* Additionally, to support the above context, the stock has formed a Bullish Hammer candlestick with the support of its 21 weeks moving average which can be considered as a bullish reversal formation.

*  On a daily chart, the stock has taken a support at 683 level, a level which proved a strong support in March-17, from where the stock made a lifetime high of 902.50 level, which suggest a good bounce back move in the counter.

*  Moreover, the stock has formed a Bullish Engulfing candlestick and Hammer candlestick with the strong support of its 683 level, which are bullish reversal formations and indicate an upside movement.

* Furthermore, the stock has been trading above its 21 & 50 days moving averages with above-average volume which shows that the stock has changed its trend is up from down.

* A weekly momentum indicator RSI reading is at 47.91 level with a positive crossover, apart from this, the RSI has given a breakout of its downward sloping trend line which points out for a positive breath in the stock.

Recommendation

Buy UPL Ltd @ 762.70 & Upto 725.00 for the Target of 902.00-1002.95

 

JKCEMENT

* The stock has been trading near to its an all-time high level and it seems that the stock can be continued its jovial move for near future as momentum dynamics has shifted to a new zone.

* On a weekly chart, the stock has found a good support at 922 level with the support of its 50 weeks moving average which suggests that the stock is about to spurt its upside movement from the present level. Additionally, a 50.00% retracement level is also providing a good support at the 914-915 level, of its previous up move from 632.70 level to 1137.60 level.

* On a daily chart, the stock has given a breakout of its rectangle formation in which it had been trading since last many days which indicates robust upside movement in the counter from the present level.

* A weekly indicator MACD reading is at 33.10 level with a positive crossover, apart from its, MACD is trending above its zero line which points out for a positive breath in the stock.

Recommendation

Buy Jk Cement Ltd @ 1110.70 & Upto 1055.00 for the Target of 1367.70-1488.25

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