Rajesh Bhosale, Technical Analyst at Angel Broking has recommended trading strategies on Rajesh Bhosale on how to trade in DMART, Adani Ports and Special Economic Zone and Persistent Systems. He gave following rationale for technical strategies:
1.DMART
View-Bullish
Last Close -Rs. 1337.90
''Ever since the inception the stock has been the traders' delight and has been an outperformer. On the daily chart, after a recent sharp rally from the 1050 to 1390 the stock went into correction phase. The said correction seems to be over with prices closing above the recent congestion zone thus confirming a continuation 'Flag' pattern. In addition, volume analysis indicates accumulation in the stock as volume during correction is comparatively low to those seen during the rally. Momentum oscillator i.e. RSI is headed northward well above 70 mark indicating a strong positive momentum in the stock in the near term. Thus, we recommend buying this stock at current levels for a target of Rs 1455 over the next 5-10 sessions. The stop loss should be fixed at Rs 1280.''
2. Adani Ports and Special Economic Zone
View-Bearish
Last Close-Rs. 385.20
''On the daily chart, stock prices of Adani Ports have given a bearish breakdown from the support levels of ascending trend line which acted as support for four times in last nine months. The said breakdown is witnessed with above average volume indicating delivery selling by strong hands. In addition, prices have marked lower top lower bottom bearish price cycle. Moreover, Prices are well below the major moving averages 20DMA, 50DMA and 200DMA which indicate overall weakness in the counter. Thus, we recommend selling this stock at current levels for a target of Rs 363 over the next 5-0 sessions. The stop loss should be fixed at Rs 396.''
3. Persistent Systems
View-Bullish
Last Close-Rs. 849.95
''The stock has been an outperformer within its peers and the recent up move from 600 to 800 has been supported with huge volumes. On the daily chart, prices after a brief pause seem to have resumed the up move with a bullish continuation pattern breakout seen with increasing volumes. The said breakout is supported by a bullish candlestick and positive placement of momentum oscillator. Looking at all the above scenario we sense a strong upside in the counter for near term. Thus, we recommend buying this stock at current levels for a target of Rs 926 over the next 5-10 sessions. The stop loss should be fixed at Rs 812.''
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