Weekly Tech Picks - United Spirits Ltd, NTPC Ltd, Triveni Engineering & Industries Ltd, Tata Motors Ltd By Axis Securities
United Spirits Limited
* On the daily chart, the stock has witnessed a “Flag” continuation breakout around 840 levels indicating resumption of earlier up move
* The stock is well placed above its 20, 50 and 100 day SMA’s which reconfirm bullish sentiments
* Rising volumes at breakout zone signals increased participation
* The stock is in up trend forming a series of higher tops and bottoms
* The daily and weekly strength indicator RSI is in bullish mode which supports rising strength as well as momentum.
* The above analysis indicate an upside of 910-945 levels
* Holding period is 3 to 4 weeks.
Buy United Spirits Limited Buy Range: 864-848 CMP: 864 Upside: 6%-10% Stop loss: 815
NTPC Limited
* On the weekly chart, the stock has decisively broken out its two years “Multiple Resistance” zone at 128 levels
* This breakout is accompanied with huge volumes indicating increased participation at breakout zone
* On the daily chart, the stock has well placed above its 20, 50 and 100 day SMA and sustaining above the same which reconfirm bullish sentiments
* The daily and weekly strength indicator RSI is placed above 50 mark which supports rising strength.
* The above analysis indicate an upside of 147-155 levels.
* Holding period is 3 to 4 weeks.
Buy NTPC Limited Buy Range: 136-132 CMP: 140 Upside: 10% -16%, Stop loss: 128
Triveni Engineering & Industries Limited
* On the daily chart, the stock has witnessed “Triangular” formation breakout at 185 levels on a closing basis along with rising volumes.
* On the weekly chart, the stock has decisively broken out its past three months “Consolidation Range” (187- 160) on a weekly closing basis
* This buying momentum was observed from 20-day SMA (174) which reconfirms bullish sentiments
* The daily and weekly strength indicator RSI is in bullish mode along with positive crossover which supports rising strength
* The above analysis indicate an upside of 207-216 levels
* Holding period is 3 to 4 weeks.
Buy Triveni Engineering & Industries Limited Buy Range: 190-186 CMP: 193 Upside: 10% – 15%, Stop loss: 177
Tata Motors Limited
* On the weekly chart, the stock has witnessed “Rounding Formation” breakout at 170 levels which represents resumption of earlier up move
* On the weekly time frame, the stock has surpassed its 8-9 months “Consolidation Zone” (170-120) on a closing basis indicating strong come back of bulls
* The stock is well placed above its 20, 50 and 100 Day SMA which reconfirms upside momentum
* The weekly Bollinger Band buy signal also reconfirmed rising momentum
* The daily and weekly strength indicator RSI is in bullish mode along with positive crossover which supports rising strength.
* The above analysis indicate an upside of 200-210 levels
Buy Tata Motors Limited Buy Range: 180-176 CMP: 186 Upside: 12% – 18%, Stop loss: 167
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