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Brexit vote today: Here's how related Indian stocks look on technical chart

As the markets brace for the Brexit vote, due later in the day today, here's a look at what the technical charts indicate for the related Indian stocks -

Avdhut Bagkar  |  Mumbai 

Markets, Stocks, BSE, NSE, Trade
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As the brace for the vote, due later in the day today, here's a look at what the technical charts indicate for the related -

Infosys: The stock has crossed the major resistance of the neckline on the daily chart. The double top formation, which was witnessed during September and October last year, has neckline resistance between Rs 700 - Rs 715 levels. The current market price of Rs 725 has scaled above the neckline and immediate resistance level of Rs 713. It is heading towards the life time high of Rs 753 as the stock holds the "Gap up" rally, chart suggests.

The weekly chart suggests crossing of trendline resistance at Rs 700 with RSI (Relative Strength Index) making a positive crossover.

TCS: The stock's weekly breakout is located above Rs 2,000, which it scaled in December last year. The current correction in the stock reflects buying opportunities for medium term trading as per the chart. The support for the stock stays at Rs 1,750, though the buying is seen at current levels of Rs 1840, its 200-day moving average (DMA). The stock is resillient to break 200-DMA as indicated by the daily chart.

Tech Mahindra: The stock has consistently resisted the trend line of Rs 728; however, it is resilient to break 200-DMA, located earlier at Rs 660 and now at Rs 690, as per the daily chart. The gap is getting thinner as the trading sessions progresses. Any breach of the above levels will trigger fresh rally of approximately 80-100 points, chart suggests.

Wipro: The stock is hovering around the upper band of the Bollinger Band, near its 52-week high of Rs 343.95 level. Both the bands are narrowing identifying lower volatility. A new move starts as the price breaks the band on either side, chart suggests. Currently, the upper band is located at Rs 338 and lower band at Rs 312 on the weekly chart.

Tata Motors: The stock has fallen sharply from Rs 250 to Rs 155 level, a whopping 38 per cent decline. The current level of Rs 182 indicates recovery and sustainability. The follow-up buying will determine the next move. The prevailing trend has been holding the 50-DMA located at Rs 176 as immediate support, with Rs 201 as resistance, determined by 100-DMA as per the daily chart.

Motherson Sumi: The weekly chart suggests the stock is trading below 200-week moving average (WMA) located at Rs 177. The bigger resistance is of trendline emerging at Rs 192 level. The daily chart suggests consolidation in the range of Rs 140 - Rs 185 and breach of the same will determine the next trend.

Cox & Kings: The stock has been consistently falling from Rs 240 level since March last year. The 200-DMA has become stiff resistance to conquer, daily chart shows. Every possible rise has been acknowledged for shorting opportunity.

First Published: Tue, January 15 2019. 12:59 IST
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