Technical Call 26 November 2009

IOC (297)

Stock has formed “Bullish Engulf” candle stick patter after a decent fall from recent swing high of Rs.318 with strong volume breakout on daily chart. Daily Momentum Indicators like RSI, Stochastic and MACDh are granting positive cross over. Moreover stock is closed above 3DEMA which suggest uptrend in immediate near term.Weekly chart also showing good strength for near term. Looking at all above evidence Trader can Buy IOC above Rs.298 With stop loss of Rs.293 fr a Target of Rs.309 plus.

Godrej Consumer (289)

Stock is continuously making higher highs and higher lows on daily chart since last few days more over yesterday we show good volume breakout on daily chart and 3DEMA has given positive cross over to 8DEMA which is also bullish sign for near term trade. Daily RSI, Stochastic also showing positive cross over and Weekly RIS also giving positive sign for long trade. Looking at all above statement disciplined trader cans buy above 290 with tight stop loss of Rs.285 for a Target of Rs. 302 plus.