Trading calls by Nilesh Jain of Anand Rathi: Sell Info Edge, M&M Financial

The momentum indicators and oscillators have turned negative for M&M Financial Services' shares, where MACD has provided fresh sell crossover on the daily chart

SELL NAUKRI | TARGET: Rs 4,250 | STOP LOSS: Rs 4,600

The stock has formed a bearish engulfing candlestick pattern on the daily chart which is considered as a bearish reversal pattern. The momentum indicator RSI has also reversed from its overbought territory and MACD has provided fresh sell crossover which hints of further weakness in the counter. The stock also witnessed built up of a short position on the derivative front. Based on the above rationale we can expect a fresh weakness in the counter.

SELL M&M FIN | TARGET: Rs 154 | STOP LOSS: Rs 171

The stock has provided a breakdown from a rising channel and has also negated the formation of 'Higher Top, Higher Bottom' formation on the daily chart. The momentum indicators and oscillators have turned negative, where MACD has provided fresh sell crossover on the daily chart which hints at further selling pressure in the short term.

BUY PERSISTENT | TARGET: Rs 1,380 | STOP LOSS: Rs 1,285

The stock is forming a saucer formation and also making a 'Higher Top, Higher Bottom' formation on the daily chart. It is also trading well above its short-term and long-term moving averages. The momentum indicators and oscillators are in the buy mode on the weekly as well as daily scales which hints at a further positive momentum in the counter.

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Disclaimer: Nilesh Jain is Technical and Derivatives Research - Equity Research at Anand Rathi Shares and Stock Brokers. He may have positions in one or all of the above mentioned stocks. Views are personal.