 "Chart Check: TCS, Cairn India, TVS Motors")
KALYANI STEELS: BUY
Stop Loss: Rs 163
Target: Rs 180
The stock is few points away from it 52 weeks high and already given a highest daily close in last one year. It is set to give a multiple price breakout on daily and weekly chart after a long consolidation of last 13 months. It has been making higher top – higher bottom and trading above all the moving averages.
Stop Loss: Rs 163
Target: Rs 180
The stock is few points away from it 52 weeks high and already given a highest daily close in last one year. It is set to give a multiple price breakout on daily and weekly chart after a long consolidation of last 13 months. It has been making higher top – higher bottom and trading above all the moving averages.
TCS : BUY
Stop Loss: Rs 2,370
Target: Rs 2,500
It has recently made a Bullish Engulfing pattern on weekly chart and turned from extremely oversold price territory. It has been holding the gains and managed to surpass all the immediate hurdle with sustained buying interest. It has been making higher highs – higher lows from last three trading sessions and closed above its 50 DMA. It looks attractive for a short term bounce back move after the weakness of last 10 weeks.
Stop Loss: Rs 2,370
Target: Rs 2,500
It has recently made a Bullish Engulfing pattern on weekly chart and turned from extremely oversold price territory. It has been holding the gains and managed to surpass all the immediate hurdle with sustained buying interest. It has been making higher highs – higher lows from last three trading sessions and closed above its 50 DMA. It looks attractive for a short term bounce back move after the weakness of last 10 weeks.
TVS MOTOR : BUY
Stop Loss: Rs 277
Target: Rs 298
It has been moving upwards from last couple of trading sessions after making an immediate base near to 270 zones. It has surpassed immediate hurdle of 286-287 zones and holding above may extend its up move towards 300 zones. Overall longs are intact in the stock as it rallied well in last two series.
Stop Loss: Rs 277
Target: Rs 298
It has been moving upwards from last couple of trading sessions after making an immediate base near to 270 zones. It has surpassed immediate hurdle of 286-287 zones and holding above may extend its up move towards 300 zones. Overall longs are intact in the stock as it rallied well in last two series.
CAIRN INDIA : SELL
Stop Loss: Rs 137
Target: Rs 127
It has been trading under the bear grip from last two years and witnesses fresh selling pressure after every small bounce back move. It has bounced from 52 weeks low of 122.30 to 134.70 zones but again fresh shorts are dragging it to lower levels even after a strong market recovery.
Stop Loss: Rs 137
Target: Rs 127
It has been trading under the bear grip from last two years and witnesses fresh selling pressure after every small bounce back move. It has bounced from 52 weeks low of 122.30 to 134.70 zones but again fresh shorts are dragging it to lower levels even after a strong market recovery.
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
