Rajesh Bhosale, Technical Analyst at Angel Broking has recommended trading strategies on Rajesh Bhosale on how to trade in Bharti Airtel, Tata Communications and NCC. He gave following rationale for technical strategies:
1. Bharti Airtel
View-Bullish
Last Close-Rs. 382.05
''In the last couple of months, the stock has been a clear underperformer and has moved from its swing high of 545 to 380 levels. On the weekly chart, the stock has approached the swing low of Oct. 2017 from where prices had witnessed a vertical rally towards 560 levels with huge volumes thus indicating a demand zone. On the daily chart, we are witnessing a positive divergence in RSI where the price has made a new low but oscillator has not made a new low indicating accumulation in the stock at lower levels. In addition, stochastic has given fresh buy signal in the oversold zone supporting the buy call. Thus, we recommend buying this stock at current levels for a target of Rs 410 over the next 5-10 sessions. The stop loss should be fixed at Rs 368.''
2. Tata Communications
View-Bearish
Last Close-Rs. 624.50
''After consolidating within a range for last two months, stock prices have given a bearish breakdown known as 'Descending Triangle' pattern. The said breakdown is supported with above-average volume indicating exit of delivery positions by strong hands. At the current juncture, prices are trading near the breakdown levels. On the daily chart, prices are well below its major moving averages i.e. 20SMA, 50SMA and 200SMA which indicate overall weakness in the counter. Moreover, momentum oscillator i.e. RSI is heading southwards well below the 40 mark confirming the bearish trend in the stock prices. Thus, we recommend selling this stock at current levels for a target of Rs 590 over the next 5-10 sessions. The stop loss should be fixed at Rs 642.''
3. NCC
View-Bullish
Last Close-Rs. 134.65
''The stock is trading in a multiple pattern bullish breakout. On the monthly chart, the stock had given a long-term bullish breakout around 120 levels in the month of Nov 2017 and the said pattern is still active for a mammoth target. On the daily chart, we are witnessing a bullish breakout from the levels of 132 which had acted as resistance for three times in last two months leading to a formation of bullish 'Cup N Handle' pattern. In addition, the 'RSI' oscillator on the daily chart is indicating a positive momentum. Considering the above technical setup, we are expecting a continuation of the Northward journey. Thus, we recommend buying this stock at current levels for a target of Rs 147 over the next 5-10 sessions. The stop loss should be fixed at Rs 128.''
Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
