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20 June, 2018 12:35 IST
Rajesh Bhosale on how to trade in Indian Bank, HPCL and NMDC
Source: IRIS | 24 Jan, 2018, 11.26AM
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Rajesh Bhosale, Technical Analyst at Angel Broking has recommended trading strategies on Rajesh Bhosale on how to trade in Indian Bank, Hindustan Petroleum Corporation (HPCL) and NMDC. He gave following rationale for technical strategies:

1. Indian Bank
View-Bullish
Last Close-Rs. 397.60

''Post the rally after the news of recapitalization the stock went into correction phase. The said correction got arrested when prices approached multiple support zones around 370 levels and have managed to give a decent recovery in last few sessions.  On the daily chart, we are now witnessing a breakout from a consolidation indicating a resumption of the primary uptrend. The said breakout is supported by a bullish candle and above average volume on the daily chart. In addition, prices have closed above 20DSMA and 50DSMA indicating overall bullishness in the counter. Thus, we recommend buying this stock at current levels for a target of Rs 434 over the next 5-10 sessions. The stop loss should be fixed at Rs 380.''

2. Hindustan Petroleum Corporation
View-Bearish
Last Close-Rs. 395.90

''The stock has been an underperformer since last few months and has now closed below the support levels of 400 which acted as strong support for four times in last three years. The breakdown below the crucial support levels has led to the formation of bearish reversal pattern known as 'Rounding Top'. In addition, the prices have also closed below the crucial 200DMA with a strong bearish candle. Momentum RSI on the daily chart is heading southwards well below the 40 mark; indicating further weakness in the counter in the near term. Thus, we recommend selling this stock at current levels for a target of Rs 375 over the next 5-10 sessions. The stop loss should be fixed at Rs 406.'' 

3. NMDC
View-Bullish
Last Close- Rs. 149.45

''The stock had recently given a breakout from a trend line resistance @140 levels and moved higher with a good increase in volume. In last few trading sessions, the prices have retraced those gains and are retesting the breakout level which is the natural tendency of the pattern breakout to retest breakout levels before achieving the complete target. On the daily chart, we are now witnessing a bullish reversal candle on the support levels indicating a resumption of the prior uptrend. In addition, Momentum oscillator across all major time frames is placed in positive zone supporting the buy call. Thus, we recommend buying this stock at current levels for a target of Rs 162 over the next 5-10 sessions. The stop loss should be fixed at Rs 144.''

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