ITC, ACC top trading picks: GEPL Capital

GEPL Capital has come out with its report on trading picks.

ITC: After a high of 216,ITC has been continuously falling .This stock was an outperformer during the entire fall of Nifty but was been beaten down in last four weeks. On the technical charts, during all the previous fall ITC has taken support on its 200-DSMA and started a fresh run from that point. Larger degree trend of ITC Ltd on weekly as well as monthly chart is clearly up, only the short term trend has been seeing some amount of profit booking. The On-Balance-Volume indicator is indicating that this fall is corrective in nature. The fall has come with very low volume participation indicating the bearishness is not so much stronger in this counter.ITC is taking continuous support in the range of 185-190 during every fall after making a new 52-week high. Keeping all this things in mind, we suggest going long in this counter at current market price as well as on decline in the range of 190-192 with a stop loss at 184 for a target of 212.

ACC Ltd has made Double top type of bearish reversal pattern in the price area of 1220- 1225 indicating a major trend reversal of the ongoing up trend. The stock has given a close below its medium term moving average -50DEMA with good amount of volume that too after a very long time which indicates that the ongoing uptrend is now over. Weekly charts are showing the same picture that the down weeks ticks are supported by strong volumes while up ticks on weekly charts are showing only average volume indicating the bulls are losing the battle. The ADX indicator has also generated the sell signal after last two days activity indicating that further decline is going to come in near future. Most of the momentum indicators are generating a sell signal indicating a reversal of the trend. One can sell this counter at current market price or on rise with a given stop loss for a target of 1050.

FIIs holding more than 30% in Indian cos

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