Broking firm Marwadi Shares & Finance (MSFL) has recommended following five technical calls for this week (July 27-July 31):
1. Hero Motocorp
Current Market Price (CMP) - Rs 2,740
A couple of candle in higher top higher bottom formation on daily chart indicates strength in trend. Additionally, it has given break out of ''Rounding bottom'' pattern on daily chart. RSI and stochastic oscillator are in favor of bull. Therefore, we recommend to buy with stop loss of 2625.
2. L&T
Current Market Price (CMP) - Rs 1,802
The stock has formed bearish candle on daily chart and kind of formation ''Evening star'' on weekly chart indicates negative stance. It has broken down support of 21 DEMA. Momentum indicator RSI and stochastic are in favor of bear. So, we suggest to sell with SL.
3. Indiabulls Housing Finance
Current Market Price (CMP) - Rs 728
The stock has formed strong bullish candle with supportive volume on daily & weekly chart indicates strength in counter. It is performing above all moving average and 21 DEMA is acting as strong support. However, RSI is trading in overbought territory. Therefore, we recommend to buy on dips.
4. DLF
Current Market Price (CMP) - Rs 103
A sizable bearish candle with good amount of volume on daily chart indicates weakness. Additionally, it has broken down support of neckline on daily chart. On the oscillator Front: RSI and stochastic are in favor of bear. Therefore, we recommend to sell on rally.
5. Tata Steel
Current Market Price (CMP) - Rs 265
A bunch of black candle in lower top lower bottom formation on daily as well as weekly chart suggests weakness in counter. It is performing below all moving averages and Facing strong resistance of 21 DEMA near to 290. RSI and stochastic oscillator are in favor of bear. Therefore, we advice to sell on rally.
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