 "Hind Copper, Siemens: Top picks by Jatin Gedia of ShareKhan for July 9")
Hindustan Copper
Hindustan Copper was trading in a downward sloping channel and has now provided a breakout. The breakout has been accompanied with above average volume indicating that the breakout is likely to sustain and witness continued buying interest.
The daily momentum indicator has a positive crossover which is a buy signal. Thus, both price and momentum indicators are suggesting continuation of the upmove. We expect the stock to target levels of Rs 363-370. One should keep a stop loss of Rs 333 for the long positions
Siemens
Siemens was trading in a narrow range since the last couple of weeks. The stock has broken down from the consolidation on the downside.
Daily momentum indicator has triggered a negative crossover which is a sell signal. In terms of price pattern it has formed an Engulfing Bear Candlestick pattern implying bearishness from a short-term perspective. So, one can initiate short positions around Rs 7,700 with stop loss of Rs 7,850 for targets of Rs 7,500-7,360.
More From This Section
(Jatin Gedia is a technical research analyst at Sharekhan by BNP Paribas. Views expressed are his own.)