SMC Global Technical Stock Beats
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SMC Global Technical Stock Beats

SMC Global Technical Stock Beats

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SMC Global Technical Stock Beats Document Transcript

  • 1. 21ST August, 2014 Nifty Outlook REC0MMENDATIONS: HEXAWARE (BUY) TARGET 164-167 Intraday call RANBAXY (BUY) TARGET 650-660 Intraday call Domestic markets opened on the positive note and consolidated between negative and positive zone after six- day of rally. The markets extended losses in the noon with benchmark nifty declined 30 points on account of profit booking in Banking, Auto, FMCG and Oil&Gas stocks whereas the healthcare, realty and power indices capped the major downside. The broader indices continued to outperform the benchmark indices as mid cap ended with 0.10 percent gains and small cap gained by 0.9 percent. Global markets were mixed with the European markets such as France, Germany and UK fell less than 0.5 percent while Asian markets like Taiwan and Straits closed with minor gains. Support: 7850-7820 Resistance: 7930-7950 It appears from the daily chart that stock is consolidating in the range of 135-160 levels since past few weeks while trading between lower highs and higher lows. On Wednesday, stock went up by over 3% and closed on verge of breakout of resistance line. So, we anticipate that stock can give decent upside move from the current level. Therefore, one can buy in the range of 156-157 levels for the upside target of 164-167 levels with SL of 154. It appears from the daily chart that stock is continuously trading between higher highs and higher lows, which is bullish in nature. On Wednesday, stock went up by over 4% and formed a long marubozu candlestick pattern, which indicates that buying is more aggressive at current levels. Therefore, one can buy in the range of 625-626 levels for the upside target of 650-660 levels with SL of 620.
  • 2. ZEEL (LONG) TARGET 296-300 *The above recommendation is totally based on technical analysis for 21ST August, 2014 For Any Query or Suggestions email at researchfeedback@smcindiaonline.com Analyst Mudit Goyal muditgoyal@smcindiaonline.com 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. After corrected sharply from the recent high of 305 levels to 265 levels, the stock has started moving higher with the decent buying force. On Wednesday, stock went up by over 2% and closed near day’s high, which indicates that buying is more aggressive at current levels. Therefore, one can buy in the range of 287-288 levels for the upside target of 296-300 levels with SL of 284.