Technical Calls 11 December 2009

ICICI Bank (876)

Stock has formed “Bullish Engulf” bullish candlestick pattern and stock is on the verge of upper trend line breakout on daily chart. Daily RSI is forming equal lows and given positive cross ove. Stochastic has given strong buy signal from over sold area. Strong support formed at 5 DEMA which is at 870 level. Looking at all above evidence Trader can Buy above Rs.879 with tight Stop loss of Rs.870 for a Target of Rs.905 and Rs.915.

Syndicate Bank (98)

Yesterday stock has opened gap up and closed above its previous day’s high with decent volume on daily chart, which suggest up move is promising. Also stock is on the verge of upper trend line breakout. Strong support formed at 96 level. Daily RSI , Stochastic and MACDh are giving buy signal. Looking at all above scrutiny Trader can Buy stock above Rs.99 with stop loss of Rs.96 for Target of Rs.105-Rs.106.

Core Project (178)

Stock has formed “Bullish Three Outside Up Pattern” bullish candlestick pattern with good volume breakout on daily chart. Strong support formed at 50 DEMA which is at 173 level. Daily RSI and MACDh is giving buy signal where as stochastic is still in sell mode. All above observation suggest trader with moderate risk appetite can Buy above Rs.179 with tight stop loss of Rs.174 for a Target of Rs.190 in short term.

Glenmark Pharma (267)

Stock has formed “Dark Cloud Cover” bearish candlestick pattern after huge run from the low of Rs.221 on 30 November. Daily RSI is on the verge of negative crossover in over bought area. MACDh is also giving sell signal. Strong support formed at 5 DEMA which is at 267 level. All above observation suggest trader can Sell below Rs.264 with tight stop loss of Rs.268 for a Target of Rs.254