Technical Portfolio Guide
DISH TV INDIA LTD
CMP : Rs 10.22
BSE Code :532839
Can I buy the shares of Dish TV for four months at the current market price?
- Syed Ahmad
AVOID BUYING DISH TV INDIA FOR NOW
Dish TV India Ltd is currently trading at Rs 10.22. Its 52-week high/low stands at Rs 15.74/ Rs 3.93 made on November 15, 2020, and April 01, 2020, respectively. The stock has given bump & run reversal pattern breakdown as on the weekend of January 15, 2016, and thereafter, marked the sequence of lower tops & lower bottoms. Currently, the stock is trading below its short and long-term moving averages. The daily chart shows that it has been continuously trading below its 200-day EMA level from January 2018. This suggests that the stock is in a long-term downtrend. Talking about the indicators, the weekly RSI is trading below its 9-week average and it is in a falling mode. Moreover, the MACD is staying bearish as it is trading below its zero line and signal line. The histogram is suggesting a bearish momentum. Hence, we recommend you to avoid buying Dish TV India for now.
BAJAJ HOLDINGS & INVESTMENT LTD
CMP : Rs 3,020
BSE Code : 500490
I have bought BAJAJHLDNG at Rs 2,350 for the short-term. Can I book profit?
- Rishi Bhatia
BOOK PROFIT IN BAJAJHLDNG AT THE CURRENT MARKET PRICE
Bajaj Holdings & Investment Ltd is currently trading at Rs 3,020. Its 52-week high/low stands at Rs 3,949.35/Rs 1,471.85 made on February 05, 2020 and March 24, 2020, respectively. The stock has formed a bullish pin bar candlestick pattern as on the weekend of October 30, 2020, and thereafter, surged sharply up to the level of Rs 3,348.85. The stock has witnessed almost 51 per cent upside momentum in 21 trading sessions. However, on Wednesday, the stock has formed three outside down candlestick pattern on the daily timeframe, which indicates a possible trend reversal. Along with this bearish formation, the stock has managed to close below its short-term moving average, i.e. 5-day EMA level. Among the momentum indicators, the 14-period daily RSI has cooled off after touching an extremely overbought zone and, at present, its reading is 66.58. The RSI is trading below its 9-day average and it is in a falling mode, which indicates a further downside momentum. The stochastic has also given a bearish crossover in the overbought region. Moreover, there has been a negative divergence between the daily RSI, daily stochastic, and the stock price movement, suggesting a limited upside. Considering all the above factors, we recommend you to book profit in Bajaj Holdings & Investment at the current market price.
WESTLIFE DEVELOPMENT LTD
CMP : Rs 423.25
BSE Code : 505533
Please suggest what should I do with Westlife development which I bought at Rs 330 for the short-term?
- Uday Shirodkar
HOLD WESTLIFE WITH A STOP-LOSS OF RS 380 ON A CLOSING BASIS
Westlife Development Ltd is currently trading at Rs 423.25. Its 52-week high/low stands at Rs 499.90/Rs 271.25 made on February 04, 2020, and May 27, 2020, respectively. The stock has formed a bullish belt hold candlestick pattern as on the weekend of March 27, 2020, and thereafter, marked the sequence of gradual higher tops & higher bottoms. On the daily timeframe, the stock has given a downward sloping trendline breakout along with robust volume, which suggests bullish momentum. Further, the stock is trading above its short and long-term moving averages. These moving averages are exactly in the desired sequence, which suggests that the trend is strong. The stock is meeting Daryl Guppy’s multiple moving averages set up rules as it is trading above both the short and long-term moving averages. The stock's relative strength index (RSI) has reached its highest value in the last 14-weeks, which is bullish. Also, it has managed to close above the 60 mark after a span of almost seven weeks. Directional indicators continue in the ‘buy’ mode as +DI continues above –DI. Considering all the above factors, we recommend you to hold Westlife Development with a stop-loss of Rs 380 on a closing basis.
PI INDUSTRIES LTD
CMP: Rs 2,277.85
BSE Code: 523642
I have bought PI Industries near its all-time high for the short-term. Now, I would like to know your suggestion on this stock looking at the current market. - Bhavik Samani
EXIT PI INDUSTRIES AT THE CURRENT MARKET PRICE
PI Industries Ltd is currently trading at Rs 2,277.85. Its 52-week high/low stands at Rs 2,515/Rs 973.70 made on November 23, 2020, and March 25, 2020, respectively. The stock has formed a bullish engulfing candle as on March 25, 2020, and thereafter, marked the sequence of higher tops and higher bottoms. Recently, the stock has formed a bearish pin bar candlestick pattern and thereafter, witnessed a correction. With this bearish formation, the stock has also managed to close below its weekly pivot and short-term moving averages, i.e. 13-day EMA and 20-day EMA levels. Further, the stock has given an upward sloping trendline breakdown on the daily timeframe, which suggests bearish momentum. Among the momentum indicators, the 14-period daily RSI has cooled off after touching the zone of 75 and at present, its reading is 50.49. The RSI is trading below its 9-day average and it is in a falling mode, which indicates a further downside momentum. There has been a negative divergence between the daily RSI, daily stochastic, and the stock price movement, suggesting a limited upside. Hence, we recommend you to exit PI Industries at the current market price.