 "Chart Check: Cadila, UPL, Havells, ONGC")
CADILA: BUY
Overall trend of the stock is intact to positive and it is continuously taking support at its rising support trend line. It negated the negative pattern of last four trading sessions of making lower highs and edged above its previous two day’s high. The stock is showing the potential to head towards its lifetime high of Rs 432 and even higher levels. Thus recommending the traders to buy the stock with the stop loss Rs 403 for the upside immediate target of Rs 432 levels.
Overall trend of the stock is intact to positive and it is continuously taking support at its rising support trend line. It negated the negative pattern of last four trading sessions of making lower highs and edged above its previous two day’s high. The stock is showing the potential to head towards its lifetime high of Rs 432 and even higher levels. Thus recommending the traders to buy the stock with the stop loss Rs 403 for the upside immediate target of Rs 432 levels.
UPL: BUY
It has negated its weak structure of making lower top – lower bottom of last 6-7 weeks and now started to move upwards after taking multiple support near to Rs 430-435 zones. It has also come out from its recent consolidation phase of last thirteen trading sessions and has formed a bullish head and shoulder pattern on daily chart. Mechanical indicators are also giving positive divergence for a fresh buying opportunity. Thus recommending the traders to buy the stock with the stop loss Rs 459 for the upside immediate target of Rs 502 levels.
It has negated its weak structure of making lower top – lower bottom of last 6-7 weeks and now started to move upwards after taking multiple support near to Rs 430-435 zones. It has also come out from its recent consolidation phase of last thirteen trading sessions and has formed a bullish head and shoulder pattern on daily chart. Mechanical indicators are also giving positive divergence for a fresh buying opportunity. Thus recommending the traders to buy the stock with the stop loss Rs 459 for the upside immediate target of Rs 502 levels.
HAVELLS: BUY
It is moving after taking multiple support at Rs 230-232 levels and has given a breakout from the falling supply trend line. It is making higher highs – higher lows from last two weeks and with built up of long positions. Thus indicating a continuation in the bounce back move towards Rs 274 and higher levels with attractive risk reward ratio. So recommending buying the stock with the stop loss of Rs 257 for the upside target of Rs 274 levels.
It is moving after taking multiple support at Rs 230-232 levels and has given a breakout from the falling supply trend line. It is making higher highs – higher lows from last two weeks and with built up of long positions. Thus indicating a continuation in the bounce back move towards Rs 274 and higher levels with attractive risk reward ratio. So recommending buying the stock with the stop loss of Rs 257 for the upside target of Rs 274 levels.
ONGC: SELL
It failed to cross immediate hurdle of Rs 267-270 zones after a bounce back of last eight trading sessions. Overall major trend of the stock is negative and after the recent bounce back move provides a fresh opportunity to sell the stock. We have seen built up of short position and these short are intact in the counter. We are expecting this weakness to continue for next coming sessions. So, one can sell the stock with the stop loss of Rs 264 for the downside target of Rs 249 levels.
It failed to cross immediate hurdle of Rs 267-270 zones after a bounce back of last eight trading sessions. Overall major trend of the stock is negative and after the recent bounce back move provides a fresh opportunity to sell the stock. We have seen built up of short position and these short are intact in the counter. We are expecting this weakness to continue for next coming sessions. So, one can sell the stock with the stop loss of Rs 264 for the downside target of Rs 249 levels.
Disclaimer : We are suggesting all these stocks to our clients but no personal holdings.
Chandan Taparia is a derivative and technical analyst with Anand Rathi
Chandan Taparia is a derivative and technical analyst with Anand Rathi
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