SMC Global has come out with its technical report for February 25, 2013. The research firm has recommended to buy Biocon, Gujarat Fluorochemicals and sell Indian Oil Corporation (IOC) for intraday with a target price of Rs 295-298, Rs 310-315 and Rs 304-300 respectively.
SMC Global has come out with its technical report for February 25, 2013. The research firm has recommended to buy Biocon , Gujarat Fluorochemicals and sell Indian Oil Corporation (IOC) for intraday with a target price of Rs 295-298, Rs 310-315 and Rs 304-300 respectively.
Biocon (LONG) TARGET 295-298
Stock is moving sideways in range of 260-300 levels for past two months trading in lower highs and higher lows sort of "Symmetrical Triangle" on daily charts which is bullish in nature. As of now, we don’t have pattern breakout but its consolidation indicates that there will be a strong spurt fro near term. Therefore, one can initiate long for the upside target of 295-298 with SL of 282.
Gujarat Fluorochemicals (LONG) TARGET 310-315
Stock has been corrected sharply from its recent high of 365 levels and registered a fresh 52 week low of 248 levels on 14th February, 2013. It has started moving higher and subsequently, has broken its short term and medium term moving averages on Friday trade, up by over 5%. So we anticipate that buying momentum may remains continue for coming days which suggest the upside target of 310-315 with SL of 291.
Indian Oil Corporation (IOC) (SHORT) TARGET 304-300
Stock is continuously moving in range of 315-335 levels forming the "Head and Shoulder" pattern on daily charts which is bearish in nature. There is no as such neckline breakdown but its movement indicates that stock can give further downside rally upto 304-300 levels for next session. Trader can consider 317 as strict SL.
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To read the full report click here
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