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Last Updated : Mar 15, 2016 09:48 AM IST | Source: CNBC-TV18

Buy BF Utilities, Universal Cable may hit 85: Rajat Bose

Rajat Bose of recommends buying BF Utilities and feels that Universal Cable may hit Rs 85.

Rajat Bose of told CNBC-TV18, "BF Utilities chart is pretty interesting. It first crossed the 50-day moving average and then consolidated a bit and then crossed 90-day as well as 200-day moving average yesterday. There are golden crosses in 13-day and 50-day moving averages and that suggests that there is more tailwind left, at least if at all it were to fall, there would be adequate buying support on the downside and it can actually move up. So, I would definitely suggest buying into BF Utilities. My targets are Rs 603 and Rs 612 and put a stop loss below Rs 564.90."

"What I like about Universal Cable is that it was in a consolidation mode throughout February when the market was falling. In earlier part of January it fell but after that the falling stopped and it was constantly coming close to the 200-day moving average yet bouncing back. Yesterday it made an attempt to move up, then there was a sell off but what attracted me to say buy again is that the 14 RSI and the MSCD are both suggesting that it is on the short-term high and not only that, MSCD has crossed into the positive territory," he said.

"The end of day chart, we have seen that whenever the MSCD crosses into the positive territory as far as Universal Cable is concerned, there is more tailwind left. Even if it were to consolidate but ultimately it will go up and since there has been a long consolidation, over a period of last 45 days, I am expecting it to catch up on the higher side and give good gains. So, my targets are Rs 80-85 for the day and I would like to revise my stop loss. Earlier I had given Rs 69 but I would like to put at Rs 71.80 for the day."

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First Published on Mar 15, 2016 09:48 am
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