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SMC Global Technical Stock Beats

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SMC Global Technical Stock Beats

SMC Global Technical Stock Beats

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  • 1. 26th August, 2014 Nifty Outlook Domestic markets opened on the positive note and continued to trade higher following the strong global cues. Moreover, markets extended gains on the back of strong sentiments from Europe, which gained between 0.7-1 percent following a key speech by the president of the European Central Bank (ECB), who delivered a dovish tone on Friday in Jackson Hole meeting, and stressed that more stimulus could be announced soon. On the sectoral front, Technology, Healthcare and FMCG indices registered decent gains on Monday whereas, the metal indices saw major selling which ended over 4 percent loss. Meanwhile, the broader indices felt relatively higher than the benchmark indices as mid cap and small cap loss between 0.4-0.6 percent. Support: 7880-7850 Resistance: 7950-7970 REC0MMENDATIONS: HINDUNILVR (BUY) TARGET 735-745 Intraday call It appears from daily chart that stock witnessed massive rally from 640 to 736 levels and registered yearly high accompanied by good volume. Then after, it consolidated in the narrow range from past few days with positive bias. On Monday, stock went up by over 2% and gave the breakout of consolidation and also managed to close near day’s high which indicates that buying is more aggressive at current levels. Therefore, one can buy in the range of 716-717 levels for the upside target of 735-745 levels with SL of 709. MAX (BUY) TARGET 340-345 Intraday call Stock was trading between lower highs and higher lows on daily charts and gave the breakout of same on Monday by registered gains over 4%. Stock also managed to close near day’s high which shows the strength at current levels. Therefore, one can buy in the range of 324-325 levels for the upside target of 340-345 levels with SL of 320.
  • 2. PRAJIND (LONG) TARGET 66-67 It appears from chart that stock is likely to form an inverted Head and Shoulder pattern, which is bullish in nature. Stock has to give a decent upside move to form the right shoulder of pattern. Moreover, the technical indicators like RSI and MACD are showing strength at current levels. Therefore, one can buy in the range of 62-62.50 for the upside target of 66-67 levels with SL of 61.50 *The above recommendation is totally based on technical analysis for 26TH 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.

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