Rajesh Bhosale, Technical Analyst at Angel Broking has recommended trading strategies on Rajesh Bhosale on how to trade in Jai Corp, IndusInd Bank and Engineers India. He gave following rationale for technical strategies:
1. Jai Corp
View-Bullish
Last Close-Rs. 159.10
''On the daily chart, stock prices of JAICORPLTD has given a classical bullish reversal pattern breakout known as 'Inv. Head n Shoulder'. The said breakout also marks the 'Higher Top Higher Bottom' bullish price cycle. In addition, prices have closed above all the major moving averages i.e. 20DSMA, 50DSMA, 200DSMA, which indicate overall bullishness in the counter. Moreover, volume analysis indicates low volume during down moves whereas high volumes during up moves thus suggesting accumulation in the stock. Thus, we recommend buying this stock at current levels for a target of Rs 176 over the next 5-10 sessions. The stop loss should be fixed at Rs 150.''
2. IndusInd Bank
View-Bullish
Last Close-Rs. 1995.15
''The stock is in an uptrend continuously moving in a 'Higher Top Higher Bottom' bullish price cycle. The stock prices, however, have been struggling to cross above 1990 levels since last two months. On the daily chart, prices have finally broken above the resistance (1990) and have confirmed a bullish continuation pattern breakout known as 'Ascending Triangle'. In addition, momentum oscillator i.e. RSI is placed in a positive zone supporting the buy call. Thus, we recommend buying this stock at current levels for a target of Rs 2085 over the next 5-10 sessions. The stop loss should be fixed at Rs 1945.''
3. Engineers India
View-Bullish
Last Close-Rs. 135.95
''Recently the stock witnessed a sharp up move from the levels of 118 to 136; however, post the vertical move the stock prices went into consolidation for the last three sessions. The same consolidation can be taken as time wise correction which is healthy for the up move. On the daily chart, prices seem to have resumed the up move by closing above the higher range of consolidation thus confirming a bullish candlestick pattern known as 'Rising three method. The said pattern also resembles a bullish 'Flag' pattern breakout indicating strong up move in the counter in near term. 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 130.''
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