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Technical Stock Pick: Buy Equitas between CMP & Rs153.50 - IndiaNotes.com
Technical Stock Pick: Buy Equitas between CMP & Rs153.50
HDFC Sec | Published: 13 Jul, 2017  | Source : IndiaNotes.com


Observation:

 

- After showing sideways consolidation in the last few session, the stock price (Equitas Holdings Ltd) has shifted into sharp upmove today.


- The stock price has broken above the hurdle of down sloping trend line (brown line) and also larger consolidation band (green dashed lines) around Rs.160-162 levels and is now trading higher.


- The sharp upside breakout of abovementioned hurdles could mean emergence of strong buying interest in the stock price. This could lead to some more upmove in the stock price for near term.


- The sharp upside bounce back in the stock price over the last couple of weeks is indicating an important bottom reversal in the stock around Rs.150 levels. This could also mean sharp weakness of the last few months seems to have reversed here.


- Daily momentum oscillator like 14 period RSI has turned up and moved above 60 levels. As per the formulation of RSI, its sustaining above 60 levels could mean strengthening of upside momentum in the stock price.


- The overall positive chart and momentum pattern is suggesting a long trade set up in Equitas Holdings Ltd. One may look to buy this stock as per the levels mentioned above.


Recommendation:
HDFC Securities recommends investors to buy Equitas between CMP and Rs153.50 for a targets of Rs184/205 with a stop loss placed at Rs150 in 1-2 months.

 

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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.