Technical Portfolio Guide
CENTURY TEXTILE
CMP:Rs. 905.85 BSE Code: 500040
I have bought Century Textile at Rs 794 sometime back. What should I do: hold or exit?
- Tushar Shetye
BOOK PROFIT AT THE CURRENT LEVEL
Century Textile is currently trading at Rs 905.85. Its 52-week high/low stand at Rs 1471.20/Rs 718.05 made on January 9, 2018 and October 23, 2018, respectively. After making long-legged Doji candlestick pattern on the weekly time frame chart, the stock had witnessed a decent bounce-back for two consecutive weeks thereafter. Considering the daily time frame, the stock is placed near its 100-day EMA. In the past instance, we had witnessed the stock has resisted around its 100-day EMA and a sharp fall was seen. Additionally, the stock is trading below its important long term moving average, i.e. 200- day EMA, which is negative for the stock. Hence, we would suggest you book profit at the current levels.
CHENNAI PETRO
CMP: Rs. 272.90 BSE Code:500110
Can I buy Chennai Petro at the current price?
- Paras Trivedi
BUY ABOVE RS 305 ON A CLOSING BASIS
Chennai Petro is currently trading at Rs 272.90. Its 52-week high/low stand at Rs 464.40/Rs 220.65 made on January 15, 2018 and October 9, 2018, respectively. After hitting 52-week low, the stock formed a small body candle carrying a long lower shadow indicating buying emerging at lower levels and this coincides with the major support as defined by the horizontal trendline. Considering the weekly time frame, the stock has reached near about the downward slopping trendline resistance zone. The stock is consistently trading below the important EMAs on the weekly time frame, i.e. 52-week EMA. The 14-period RSI on the daily time frame at present is quoting around 53 and it has been observed that since the last week of August 2018, the 14-period RSI has not been able to cross the level of 60. Considering the above factors, we would suggest you to wait and watch at the current levels and a decisive breakout above the level of Rs 305 would be a clear opportunity to buy this stock. Hence, till the stock is not able to close above Rs 305, avoid short term buying.
GODREJ INDUSTRIES
CMP:Rs. 509.40 BSE Code: 500164
I wish to buy shares of Godrej Industries Should I buy at the current price?
- Aman Gupta
BUY AT CURRENT MARKET PRICE WITH STOP LOSS OF RS 465
Godrej Industries is currently trading at Rs 509.40. Its 52-week high/low stand at Rs 657.60/Rs 434.50 made on August 1, 2018 and October 25, 2018, respectively. The stock, after registering its 52-week high in the month of August, witnessed fierce sell-off and corrected almost 33 per cent from the higher levels. On the daily time frame chart, the stock has recently given a close above the short term 21-day EMA along with a breakout of a triangle-like pattern. On November 13, 2018, the stock witnessed highest volumes in this year. Also, the RSI on the daily time frame has witnessed a downward sloping trendline breakout and is in rising mode, which indicates a bullish stance. On the weekly time frame, the 14-period RSI is quoting at 41 and it has recently given positive crossover. For the short term, the target of Rs 545 followed by Rs 565 is possible and the stop loss for long position would be around Rs 465.
ICICI BANK
CMP:Rs. 370 BSE Code: 532174
ICICI Bank is trading near its 52-week high. What should I do?
- Raghav Reddy
BUY ON DIPS WITH STOP LOSS OF RS 323
ICICI Bank is currently trading at Rs 370. Its 52-week high/low stand at Rs 374.75/Rs 256.50 made on November 15, 2018 and July 16, 2018, respectively. In early October 2018, the stock took support around its 200-day EMA and entered into an upmove. Recently, the stock was seen consolidating in a tight range, however, on November 13, 2018, the stock formed a sizeable bullish candle, breaching its tight consolidation range, and on November 14, the stock witnessed a follow-up buying along with above average volumes, which augurs well for the bulls. The 14-period RSI on the daily time frame is trading in the bullish territory, which is positive for the stock. Hence, we suggest you to buy this stock on dips and maintain a stop loss of Rs 323 on a closing basis.
CANARA BANK
CMP:Rs. 255.65 BSE Code: 532483
I had bought stocks of Canara Bank at Rs 255 level. The stock is trading near about my buying price. Should I exit the stock or continue holding this stock?
- Shailesh Kumar
HOLD WITH THE STOP LOSS OF RS 235 ON A CLOSING BASIS
Canara Bank is currently trading at Rs 255.65. Its 52-week high/low stand at Rs 401.7/Rs 204.75 made on November 21, 2017 and October 23, 2018, respectively. After hitting 52-week low, the stock has witnessed a sharp pullback along with above average volumes. Recently, the stock is poised to witness a breakout of the downward sloping trendline. A close above the level of Rs 255 would open the gates for further upmove, and in this case, the stock is likely to test the level of Rs 268, which is its 200-day EMA on the daily chart. The 14-period RSI has given positive crossover and is in a rising mode. The recent swing low Rs 235 is likely to act as short term support level. Thereby, we suggest holding the stock with a stop loss of Rs 235 on a closing basis for a target of Rs 268 in the short-medium term.quoting below 50. We suggest you to exit below Rs 73 level.
MARICO
CMP: Rs. 346.50 BSE Code: 531642
I bought 200 shares of Marico at Rs 340. After my purchase, the stock witnessed a downfall and, at present, it is hovering around my purchase price. So what should I do now?
- Anil Singh
HOLD WITH THE STOP LOSS OF RS 330 FOR EXPECTED TARGET OF RS 380-390
Marico is currently trading at Rs 346.50. Its 52-week high/low stand at Rs 387.85/Rs 282.85 made on August 24, 2018 and October 11, 2018, respectively. After hitting its 52-week high, the stock resisted near the long-term channel resistance and, thereafter, the stock corrected sharply. The correction halted near about 61.8 per cent retracement level of the entire upmove from December 2016 to August, 2018. As on weekend of November 2, 2018, the stock on the weekly chart formed a significant bullish candle . The indicators and oscillators are indicating positive bias, which suggests further upside in the stock. In the short term, the level of Rs 330 is likely to act as a strong support zone as it is 200-day EMA. We suggest holding the stock with a stop loss of Rs 330 and the expected target in the medium term would be Rs 380-390.