Broking firm Marwadi Shares & Finance (MSFL) has recommended following five technical calls for this week:
1. PNB
Current Market Price (CMP) - Rs 984
''Morning Doji star'' kind of formation on daily chart indicates strength. The stock has broken resistance of trend line on daily chart supports positive stance. Short term DEMA has given positive crossover. RSI and stochastic oscillator are in favor of bull. We recommend to buy with stop loss.
2. JP Associate
Current Market Price (CMP) - Rs 51.8
A bunch of black candle in lower top lower bottom formation on daily chart indicates weakness. Additionally, it is trading in downward channel on daily chart and it is expected test lower arm near to 45. It is performing below all moving averages. Momentum indicators are in favor of bear. Sell on rise.
3. Tech Mahindra
Current Market Price (CMP) - Rs 2,306
The stock has formed strong bullish candle with good amount of volume on daily chart. The action indicates positive stance in counter. The stock is trading above all moving averages. However selected momentum indicators RSI and stochastic oscillator are trading into overbought territory. Therefore, Buy on dips.
4. Apllo Tyre
Current Market Price (CMP) - Rs 168
The stock has formed bearish candle on daily chart. It has broken down 100 DEMA and expected to test 200 DEMA near to 150 on daily chart. Selected momentum indicators RSI and stochastic oscillator have given negative crossover. We recommend to sell with sl.
5. CESC
Current Market Price (CMP) - Rs 723
The stock has formed bullish candle with above averages volume on daily chart. It has broken previous resistance and managed to close above that indicates strength. The stock has given Positive close on daily & weekly chart. RSI and stochastic oscillator have given positive crossover. so, we recommend to buy with sl.
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