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Weekly Equity Picks: Amara Raja Batteries, BEML - IndiaNotes.com
Weekly Equity Picks: Amara Raja Batteries, BEML
Way2wealth | Published: 18 May, 2017  | Source : IndiaNotes.com

Amara Raja Batteries (Cash):

 

- Looking at the daily chart, stock has formed and inverse head & shoulder pattern and during last it confirmed its breakout from said pattern.


- The said breakout was also supported by daily RSI (14) which entered above 60 levels.


- On a higher degree chart, stock is trading in a broad range which resulted into a formation of Triangle pattern and recently stock retested its lower band of trading range.


- Hence, we advise traders to accumulate this stock in a range of 926 to 916 with an upside price target of 1010. Strict stop loss should be placed at 869.


BEML (Cash):

 

- After posting a fresh 52-week high of 1440; stock witnessed decent profit booking and corrected gradually.


- Subsequently, the fall got arrested near 1325 which coincides with the daily 45-EMA and 61.8% retracement of its entire move from the bottom of 1270 to the top of 1440.


- On a weekly chart, we are seeing a bearish divergence followed by positive reversal.


- Thus, traders can buy this stock in a range of 1357 to 1344 with a price target of 1480. Strict stop loss should be placed at 1295.


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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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