 "Chart Check: HUL, Voltas, Syndicate Bank")
VOLTAS: BUY
Stop Loss: Rs 287
Target: Rs 310
It is holding the gains above Rs 278-280 zones from last nine trading sessions even after a sharp decline in the broader market. It moved higher after taking support at its 50 DMA and gave the highest daily close of last seventy six trading sessions. It has been making higher highs – higher lows form last three weeks.
HUL: BUY
Stop Loss: Rs 792
Target: Rs 845
Stop Loss: Rs 287
Target: Rs 310
It is holding the gains above Rs 278-280 zones from last nine trading sessions even after a sharp decline in the broader market. It moved higher after taking support at its 50 DMA and gave the highest daily close of last seventy six trading sessions. It has been making higher highs – higher lows form last three weeks.
HUL: BUY
Stop Loss: Rs 792
Target: Rs 845
It has been consolidating in a range but respecting to its immediate support of 805 zones. It is holding the strength from last couple of weeks and support based buying is seen even after the weakness in the broader market thus showing inherent strength in the counter.
SYNDICATE BANK: SELL
Stop Loss: Rs 90
Target: Rs 82
It is continuously falling from last eight trading sessions and is not ready to witness meaningful recovery near the major support zones. It has also broken its weekly support of Rs 87 zones and now this cluster may continue to provide sustain selling which may cause in built up of short position. Major trend of the stock is negative and shorts are intact by rollover activities so weakness may persist in the counter for next coming sessions.
Stop Loss: Rs 90
Target: Rs 82
It is continuously falling from last eight trading sessions and is not ready to witness meaningful recovery near the major support zones. It has also broken its weekly support of Rs 87 zones and now this cluster may continue to provide sustain selling which may cause in built up of short position. Major trend of the stock is negative and shorts are intact by rollover activities so weakness may persist in the counter for next coming sessions.
AMBUJA CEMENT: SELL
Stop Loss: Rs 197
Target: Rs 184
The stock broke its multiple support base of Rs 189-190 zones and registered yearly low around Rs 187.60 levels. It has been continuously trading in weakness and forming lower top – lower bottom formation. It has witnessed huge built up of short position in this entire series with an open interest addition of around 35%.
Stop Loss: Rs 197
Target: Rs 184
The stock broke its multiple support base of Rs 189-190 zones and registered yearly low around Rs 187.60 levels. It has been continuously trading in weakness and forming lower top – lower bottom formation. It has witnessed huge built up of short position in this entire series with an open interest addition of around 35%.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a derivative and technical analyst with Anand Rathi