Last Close: 672.80
Initiation range: 665-670
Stop loss: 650
After making a record high of late, MUTHOOTFIN has taken a pause and currently consolidating in a range. Considering its chart pattern and overall trend, the recent phase is offering excellent buying opportunity to those who missed the chance earlier. We thus suggest initiating fresh longs as per the recommended levels.
Last Close: 709.55
Initiation range: 705-710
Stop loss: 690
HAVELLS has witnessed decent profit-taking after the sharp rally and retraced close to the support zone of multiple moving averages on the daily chart, offering a fresh buying opportunity. We advise initiating fresh longs as per the given levels.
Oil & Natural Gas Corporation
Recommendation: Sell Oct Futures
Last Close: 129.35
Initiation range: 130-132
Stop loss: 134
ONGC has been trading in a downtrend for the last several years and there’s no sign of reversal. After the sharp decline from 180 to roughly 115 levels, it witnessed marginal bounce but couldn’t surpass the hurdle around 140 levels, which result in formation of a fresh shorting pivot. Traders can go short in the mentioned zone.
Bharat Heavy Electricals
Recommendation- Sell Oct Futures
Last Close: 47.10
Initiation range: 48-49
Stop loss: 51
BHEL has been trading in a downtrend for the last several years and there’s still no change in trend. Though it had made several attempts in the past but in vain as it failed to surpass the critical hurdles and resumed its downtrend. Currently, it is trading on the verge of fresh breakdown from a consolidation range. We thus suggest initiating fresh shorts in the given range
Disclaimer: Views expressed are the author's own.