BTST REPORT
SAIL
The
outlook for the stock of SAIL is bullish; the stock surged around 3.3%
on Friday and had crossed the level of 49. The stock breaks the major
resistance level of 48.50. This breakout adds strength to the stock for
the upside in near term upto the level 55. So, we recommended buy the
SAIL around the level 49 for the target of 55 with strong stop loss of
45. In weekly chart, there is a breakout of inverse head and shoulder
pattern at level 49.10, which indicate the trend reversal.
TATASTEEL
The
stock of TATASTEEL has been strong uptrend this year, it is around the
double from February low of 210.60 it gives breakout of inverse head and
shoulder pattern at level 363.75, which indicate the trend reversal, So
there would be strong buying in this stock. The stock breaks the major
resistance level of 364. This breakout adds strength to the stock for
the upside in near term upto the level 435. So, we recommended buy the
TATASTEEL around the level 391 for the target of 480/500 with strong
stop loss of 345.
ARVIND
The
overall outlook of ARVIND bullish in this year, it had break immediate
resistance at level 314.45 and having strong support of 288, this
breakout shows the strong buying in this stock in coming days and that
can be breach to the level of 340. In weekly chart, there is formation
of Dragon Fly Doji pattern that shows the bullish trend in stock. We
recommended buy the ARVIND around the level 316 for the target of 346
with strong stop loss of 288.
Finolex Cables Limited
The
stock of Finolex Cables has been on a strong uptrend this year. It has
more than doubled from January low of 201 and is on a strong footing. It
rose 2.2 per cent last Friday and was up 3.6 per cent for the week.
Prior to this rise the stock was consolidating sideways between 380 and
405 for more than two weeks. Friday’s rise has broken this range on the
upside thereby signalling the resumption of the uptrend. Immediate
support is between 405 and 400. The 21-DMA at 390 will be an important
short-term support. This moving average has been providing strong
support and limiting downside in the stock since January. A rise to 450
looks likely in the coming days. Traders with a short-term perspective
can go long. Stop-loss can be placed at395 for a target of 450.
Accumulate longs on dips near 405.
Upper Ganges Sugar & Industries Limited
Investors
with a short-term perspective can consider selling the stock of Upper
Ganges Sugar & Industries at current levels. Since recording an
all-time high at 532 on August 2, the stock has been on a short-term
downtrend. Breaking a key immediate support at 450 as well as 21-day
moving average, the stock tumbled 13.5 per cent on August 9. The stock
is under selling pressure and fell 2.5 per cent on Thursday breaching
another key support at 385. The stock's medium-term uptrend that started
in May appears to have come to an end and trend has reversed. Both the
daily and weekly relative strength indices are displaying negative
divergence backs this trend reversal. Further daily RSI has entered the
bearish zone signalling further selling pressure. The daily price rate
of change indicator is hovering in the negative territory implying
selling interest. The short-term outlook is bearish for the stock.
Traders with a short-term view sell the stock at current level with a
stop-loss at 450 . Short-term targets are 390 and 360 levels.
Hindalco Industries Limited
The
outlook for the stock of Hindalco Industries is bullish. The stock
surged to record a new 52-week high of 155 on Tuesday and had closed 5.5
per cent higher for the day. The rise on Tuesday has also taken the
stock decisively above the 61.8 per cent Fibonacci retracement
resistance at 145. This adds strength to the uptrend that has been in
place since February. Immediate support is in the band between 150 and
149. The next key supports are at 145 and 139 – the 21-DMA. An immediate
rise to 160 and 162 looks likely. A strong break above 162 can take the
stock further higher to 170 or even 175. Traders with a short-term
perspective can go long. Stop-loss can be placed at 148 for a target of
165. Accumulate long position on dips near 150. Revise the stop-loss
higher to 157 as soon as the stock moves up to 160. The 21-DMA at 139 is
a key support.
