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HDFC Securities Technical Switch Trades: Buy Strides Shasun and sell Granules India -
HDFC Securities Technical Switch Trades: Buy Strides Shasun and sell Granules India
HDFC Sec | Published: 11 Sep, 2017  | Source :

Strides Shasun Ltd (STAR): BUY

- Attached daily timeframe chart of this pharma stock is indicating a consolidation movement in the last few weeks.

- After a sharp decline of mid of August, the stock price has shifted into a triangle type pattern (green converging lines) and is currently making attempt to stage upside breakout of that pattern around Rs.942 levels.

- We observe a formation of larger degree higher bottoms (at Rs.865 on 11th Aug) and present consolidation is signaling a possibility of upside breakout of the consolidation.

- Daily 13 period +DMI is widening and the trend strength indicator like 13 period ADX has reached the key lower levels of 14. Hence, these indications are suggesting a possibility of sharp upmove for this stock for near term.

- Overall positive chart pattern is suggesting a long trade set up in STAR for near term.

Granules India: Sell

- The daily timeframe of Granules is signaling a weak bias for the stock price for near term.

- After shifting into consolidation pattern (brown dashed lines), the stock price has slipped into sharp decline during last session. Currently showing follow-through weakness.

- We observe a presence of strong resistance (200day EMAgreen curvy line) around Rs.132 levels, which seems to be leading to present downward reversal in the stock price.

- We also observe consistent lower top formations in the last few months, which is signaling an opportunity to sell on every rise. Present weakness after the rise could be in line with the formation of that pattern.

- The negative chart pattern in Granules is indicating a sell trade opportunity for near term. Look to sell this stock as per the levels mentioned above.

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.