Rajesh Bhosale, Technical Analyst at Angel Broking has recommended trading strategies on Rajesh Bhosale on how to trade in Manpasand Beverages, Siemens and Graphite India. He gave following rationale for technical strategies:
1. Manpasand Beverages
View-Bullish
Last Close-Rs. 448.15
''After struggling to surpass 435 levels for last four months, stock prices of MANPASAND have finally broken the resistance with a bullish candlestick and above average volume. The said breakout from resistance levels has resulted in a formation of rectangular channel bullish breakout. Multiple time frame analysis on RSI with all the three major time frame daily RSI, weekly RSI and monthly RSI above 50 indicates a strong positive momentum in the stock. Thus, we recommend buying this stock at current levels for a target of Rs 488 over the next 5-10 sessions. The stop loss should be fixed at Rs 428.''
2. Siemens
View-Bearish
Last Close-Rs. 1023.30
''The stock is in a downtrend continuously moving in a 'Lower Top Lower Bottom' price formation. On the daily chart, after the sharp fall seen on 3rd May from the levels of 1134 to 992 the stock went into consolidation phase for the last two weeks and now the downside seems to have resumed with prices closing below the lower side of consolidation. In addition, prices are trading well below 20-50-89 exponential moving average which indicates weakness across all the major time frames. Moreover, momentum RSI on the daily chart is heading southwards well below the 30 mark supporting the sell call. Thus, we recommend selling this stock at current levels for a target of Rs 970 over the next 5-10 sessions. The stop loss should be fixed at Rs 1052.''
3. Graphite India
View-Bullish
Last Close-Rs. 824.90
''The stock has been the traders’ delight due to its strong outperformance in the last one year. For the last few months, however, it has been quietly trading in a range forming a 'Symmetrical Triangle' pattern. On the daily chart, prices have broken above the higher side of the pattern confirming a bullish continuation breakout. The said breakout is supported with above average volume and positive placement of momentum oscillator RSI. Looking at all the evidence we sense a resumption of the prior uptrend. Thus, we recommend buying this stock at current levels for a target of Rs 890 over the next 5-10 sessions. The stop loss should be fixed at Rs 790.''
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