Technical Calls 16 December 2009
Tata Motors (689)
After showing good run up from late October, stock was in consolidation phase with comparatively low volume and yesterday Stock has formed “Long Black Candle” bearish candlestick pattern and finally stock has broken strong support of 690 level. Daily momentum indicators are giving sell signal and weekly RSI has also given negative cross over in over bought area. Over picture for the stock looks murky in near term. Trader with moderate risk appetite can Sell below Rs.685 with tight stop loss of Rs.695 for a Target of Rs.665-Rs.660.
GMDC (142)
Stock has formed “Long White candle” bullish candlestick pattern with decent volume breakout on daily chart. Stock is in consolidation phase and yesterday’s bullish pattern with good volume suggest up move is likely to continue. Daily RSI, Stochastic and MACDh are giving strong buy signal. Looking at all above statement we strongly believe that Trader with moderate risk appetite Buy above Rs.143 With Stop loss of Rs.139 and Target of RS.152.
After showing good run up from late October, stock was in consolidation phase with comparatively low volume and yesterday Stock has formed “Long Black Candle” bearish candlestick pattern and finally stock has broken strong support of 690 level. Daily momentum indicators are giving sell signal and weekly RSI has also given negative cross over in over bought area. Over picture for the stock looks murky in near term. Trader with moderate risk appetite can Sell below Rs.685 with tight stop loss of Rs.695 for a Target of Rs.665-Rs.660.
GMDC (142)
Stock has formed “Long White candle” bullish candlestick pattern with decent volume breakout on daily chart. Stock is in consolidation phase and yesterday’s bullish pattern with good volume suggest up move is likely to continue. Daily RSI, Stochastic and MACDh are giving strong buy signal. Looking at all above statement we strongly believe that Trader with moderate risk appetite Buy above Rs.143 With Stop loss of Rs.139 and Target of RS.152.
