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Tata Chemicals
The stock has found support at the zone of Rs 1,030 – 1,040 which coincides with the 61.82 per cent fibonacci retracement level of the previous rise. Daily momentum indicator has triggered a fresh positive crossover which is a buy signal. It has broken out of a falling channel on the daily charts suggesting a trend reversal. We expect the stock to test previous swing high of 1162 and beyond that it can extend towards Rs 1,188. A stop loss of Rs 1,050 should be maintained for the long positions.
Bank Baroda
The stock was trading in a downward sloping channel. It has broken out of that channel on the upside. suggesting trend reversal from down to up. Daily momentum indicator has triggered a fresh positive crossover which is a buy signal. We expect the stock to retrace the fall and target levels of Rs 272 – 281 from a short-term perspective. A stop loss of Rs 245 should be maintained for the long positions.
(Jatin Gedia is a technical research analyst at Sharekhan by BNP Paribas. Views expressed are his own.)
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