Techical Calls 29 December 2009

HDIL (366)

Stock has formed “Bullish Flag Pattern” with decent volume on daily chart. Daily RSI, Stochastic and MACDh are featuring in bullish zone. Weekly RSI also entered in Bullish zone. More over on Friday stock has given close above 61.8% retracement level of previous dynamic corrective wave. Looking at all above evidence stock has first immediate target is at RS.380-Rs.385 level and crossing which stock may test Bullish flag target of Rs.410 in short term. Strategy for 5 Trading session Buying should consider above Rs. 366 with stop loss of Rs.360 on closing basis for a target of Rs.380-Rs.385 and for Short term target of Rs. 410 stop loss should place at Rs.350 level.

Adityabirla Nuvo (911)

Friday stock has broken uncertain clusters of candles signal and formed “Long White Candle” bullish candlestick pattern with strong volume breakout on daily chart. Daily RSI, Stochastic and MACDh are featuring in bullish zone. Weekly RSI also entered in Bullish zone. As per Fibonacci study stock has given close on the verge of 61.8% retracement level of previous corrective wave, which depicts stock has potential to test previous swing high. Looking at all above observation trader with moderate risk appetite can consider Buy at current level with stop loss of Rs.897 on closing basis for a Target of Rs.965.