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Technical Calls: Buy Cholamandalam Finance and PTC - IndiaNotes.com
Technical Calls: Buy Cholamandalam Finance and PTC
SMC | Published: 17 Jul, 2017  | Source : IndiaNotes.com

Cholamandalam Finance:

 

The stock closed at `1154.10 on 13TH July 2017. It made a 52-week low at 804.05 on 14th December 2016 and a 52-week high of 1243 on 06th October 2016. The 200 days Exponential Moving Average (EMA) of the stock on the daily chart is currently at 1022.47


As we can see on charts that stock was forming a “Continuation Triangle” on weekly charts, which is bullish in nature. Moreover, it has given the breakout of pattern by gained around 1.5% in last week. Apart from this, technical indicators are also suggesting buying for the stock. Therefore, one can buy in the range of 1145-1150 levels for the upside target of 1250-1280 levels with SL below 1100.


PTC:


The stock closed at 115.20 on 13th July 2017. It made a 52-week low at 66.65 on 21st November 2016 and a 52-week high of 116.30 on 13th July 2017. The 200 days Exponential Moving Average (EMA) of the stock on the daily chart is currently at 88.55


Stock was forming an “Inverted Head and Shoulder” pattern on weekly charts and has given the breakout of neckline in last week accompanied by record volumes so follow up buying may continue for coming days. Moreover, stock took around three years to form the pattern, and got the breakout this week, so the potential of rise is quite strong. Therefore, one can buy in the range of 111-114 levels for the upside target of 135-140 levels with SL below 100.

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About SMC
SMC Research, founded in 1990, is India’s leading share and stock broker, provides a wide range of financial services and investment solutions. A blend of extensive experience, diverse talent and client focus has made us the 4th largest broking house in India(Source: Dun and Bradstreet, 2008). Over the years, SMC has expanded its operations domestically as well as internationally. Existing network includes regional offices at Mumbai, Kolkata, Chennai, Cochin, Ahmedabad, Jaipur, Hyderabad, Bangalore plus a growing network of 2100+ offices spread across 425 cities/towns in India.


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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 IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.
 
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