Technical Calls 24 November 2009
Tata Steel (573)
Stock has given strong trend line breakout with decent volume on daily chart. Daily RSI and MACDh are exhibiting positive divergence. On Weekly chart stock has formed “Three white soldier s”bullish candle stick pattern and weekly RSI also sensing strength on chart. Looking at all above evidence High risk appetite trader can Buy above Rs.573 with tight Stop loss of Rs.563 for a Target of Rs.600 or more.
ITC (269)
Stock has broken upper end of “Bullish Price channel” with strong volume on daily chart after consolidation phase in price channel. Daily Momentum indicators RSI, Stochastic and MACDh showing strong uptrend in coming days. Strong support formed at 5DEMA which is at 260 level. Looking at all above evidence High risk trader can Buy above 268 With tight Stop loss of Rs.260 for a Target of Rs.295-300.
Stock has broken upper end of “Bullish Price channel” with strong volume on daily chart after consolidation phase in price channel. Daily Momentum indicators RSI, Stochastic and MACDh showing strong uptrend in coming days. Strong support formed at 5DEMA which is at 260 level. Looking at all above evidence High risk trader can Buy above 268 With tight Stop loss of Rs.260 for a Target of Rs.295-300.
