 "Technical calls by Religare Broking: Buy Hindalco Industries, Siemens")
Buy Hindalco Industries Limited
Last Close: Rs 199.10
Initiation range: Rs 196-198
Target: Rs 210
Stop loss: Rs 192
HINDALCO has been gradually inching higher for the last five months and formed an ascending triangle pattern (which act as reversal pattern) too. It’s currently trading on the verge of breakout from the same. The neckline (breakout) area of the pattern coincides with the resistance barrier of 100 EMA on the weekly chart so we may see sharp surge above that zone. We advise traders to use this opportunity and initiate fresh longs as per the levels.
Buy Siemens Limited
Last Close: Rs 1,464.75
Initiation range: Rs 1,465-1475
Target: Rs 1,570
Stop loss: Rs 1,430
SIEMENS has retraced considerably from its record high and reached closer to the support zone of medium term moving average (100 EMA) on the daily chart. Considering its chart pattern, we expect marginal consolidation, followed by steady rebound ahead. We advise accumulating fresh longs in the mentioned zone.
Sell December Futures of Bharat Forge Limited
Last Close: Rs 442.35
Initiation range: Rs 444-448
Target: Rs 425
Stop loss: Rs 455
BHARATFORG has been witnessing correction for the last one year or so. It has failed twice in attempt to surpass the resistance barrier of 200 EMA on the daily chart of late and gradually inching lower. The chart structure is now pointing towards gradual fall. Thus, we suggest traders to use any uptick to go short in the given range.
Sell December Futures of Canara Bank
Last Close: Rs 212.10
Initiation range: Rs 215-217
Target: Rs 204
Stop loss: Rs 222
In line with the other PSU banking counters, CANBK has also witnessed decent recovery of late but failed to breach its resistance hurdle of 200 EMA on the daily chart and gradually drifting lower. Considering its chart pattern and overall downtrend, we expect a fresh decline ahead. We advise initiating fresh shorts as per the levels.
Disclaimer: http://www.religareonline.com/disclaimer
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%