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SMC Global Technical Stock Beats


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  • 1. 12th June, 2014 Nifty Outlook REC0MMENDATIONS: BHARATFORG (LONG) TARGET 580-586 Intraday call GLENMARK (LONG) TARGET 585-590 Intraday call Domestic markets opened on the positive note and registered record high on Wednesday morning, following the strong closing in the global markets. Markets couldn’t hold the high levels and erased all its early gains on account of profit booking after hefty rally seen in last few sessions. Moreover, benchmark nifty traded below 7600 levels on account of selling witnessed in Realty, Consumer durables, Metal and Power indices which ended over 2% lower from previous close. However, technology stock ended higher by 2%. Technically, Nifty is continuously trading in higher highs and higher lows on daily chart which is bullish in nature. So short term strategy is “Buy Nifty on every dips for near term” Support: 7570-7550 Resistance: 7650-7670 It is apparent from chart that stock was trading in higher highs and higher lows on daily chart which is considered to be bullish. Currently it is trading in the stiff range of 560-570 levels to form the fresh buying pivot on charts. Therefore, one can initiate long in the range of 562-563 levels for the upside target of 580- 586 levels with SL of 555. Short term and medium term bias remains positive for the stock. It was forming the Cup and handle pattern and gave the breakout of same earlier and continued to trade higher. Therefore, one can initiate long in range of 569- 570 levels for the upside target of 585-590 levels with SL of 562.
  • 2. SUNPHARMA (LONG) TARGET 630-636 *The above recommendation is totally based on technical analysis for 12TH June, 2014 For Any Query or Suggestions email at Analyst Mudit Goyal Contact Details: 011-30111000 Extn. 677 Disclaimer: This report is for the personal information of the authorized recipient and doesn’t construe to be any investment, legal or taxation advice to you. It is only for private circulation and use .The report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. No action is solicited on the basis of the contents of the report. The report should not be reproduced or redistributed to any other person(s) in any form without prior written permission of the SMC. The contents of this material are general and are neither comprehensive nor inclusive. Neither SMC nor any of its affiliates, associates, representatives, directors or employees shall be responsible for any loss or damage that may arise to any person due to any action taken on the basis of this report. It does not constitute personal recommendations or take into account the particular investment objectives, financial situations or needs of an individual client or a corporate/s or any entity/s. All investments involve risk and past performance doesn’t guarantee future results. The value of, and income from investments may vary because of the changes in the macro and micro factors given at a certain period of time. The person should use his/her own judgment while taking investment decisions. Please note that we and our affiliates, officers, directors, and employees, including persons involved in the preparation or issuance if this material;(a) from time to time, may have long or short positions in, and buy or sell the securities thereof, of company (ies) mentioned here in or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company (ies) discussed herein or may perform or seek to perform investment banking services for such company(ies) or act as advisor or lender/borrower to such company(ies) or (c) may have any other potential conflict of interest with respect to any recommendation and related information and opinions. All disputes shall be subject to the exclusive jurisdiction of Delhi High court. It is apparent from chart that stock was trading in lower highs and higher lows sort of continuation triangle on daily chart which is bullish in nature. On Tuesday, stock has given the breakout of same by registered gains over 1% and also manages to close above the same. Therefore, one can initiate long in range of 604-605 levels for the upside target of 630-636 levels with SL of 598.