Jul 16, 2013, 11.08 AM | Source: CNBC-TV18
Rajesh Jain of SMC Global suggests buying Cairn India for a target of Rs 310 and IDBI Bank at current price for target price of Rs 78.
Manas Jaiswal of manasjaiswal.com
Sintex Industries has given a downside breakout of a triangular pattern on a daily chart. So, we may see a sharp downside. Stock can test Rs 36. One can go short on current levels with a stop loss of Rs 40.50.
IDBI Bank has broken its resistance of Rs 74 with very good volumes and on the weekly chart oscillators are showing positive crossword. So, we may see a recovery. The stock can test Rs 78 in the next one or two trading sessions. One can buy the stock at current levels with a stop loss of Rs 72.
Rajesh Jain of SMC Global
Cairn India has broken its sideways range on higher side. One can buy the stock at its current price keeping a closing stop loss of Rs 293 for high target of Rs 310.
IDBI Bank has consolidated at lower levels and has now given a break on the higher side from its sideways range. One can buy the stock at its current price keeping a closing stop loss of Rs 72 for high target of Rs 78.
Gaurav Ratnaparkhi of Sharekhan
Since last few weeks Adani Ports and Special Economic Zone has been oscillating about its crucial daily moving averages. In terms of price pattern the oscillations have taken form of a bearish triangle. The pattern is about to breakout on the downside. Even the daily momentum indicator is about to start a new cycle on the downside from the equilibrium line. So, one can sell Adani Ports Futures with stop loss of 153 for target of 142 and the timeframe will be two-three sessions.
My second sell call is on Tata Power . It has recently done a short-term pullback. In terms of wave structure the pullback was a triple zigzag whose last leg looks complete in the yesterday’s session. Also, since last few days the volumes have started declining and increasing prices on the backdrop of decreasing volumes is considered as a bearish sign. So, I am expecting Tata Power to tumble down from current level and stop loss for Tata Power Futures will be Rs 90.50 and target on the downside will be Rs 84.80.
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