Contact Us | Log In
Search
Sensex: 34142.1 +322.60 Gold: Rs.30514.00
Nifty: 10491 +108.30 Silver: Rs.38380.00
Weekly Equity Picks: Dr. Reddy's Laboratories, Bharti Airtel - IndiaNotes.com
Weekly Equity Picks: Dr. Reddy's Laboratories, Bharti Airtel
Way2wealth | Published: 12 Feb, 2018  | Source : IndiaNotes.com

Dr. Reddy's Laboratories (Cash): down trend since several months and in that pessimism stock registered a fresh 52-weeks low of 1901.


- Subsequently, we saw decent pullback towards 2615 however stock resumed its down trend and we saw vertical slide in recent times. As a result, stock erased almost all its previous gains and hit a low of 2005.55


- Despite the sharp sell-off the weekly RSI (14) refused to go below 40 levels.


- Looking at the monthly chart, the August & September 2017 candle resembles a formation of ‘Bullish Harami’ pattern. The said pattern will be negated if stock breaches 1901 levels.


- Considering the overall chart structure, we expect trend reversal in this counter hence we advocate traders to buy this stock in a range of 2185 - 2145.


Recommended Action: Buy.


Bharti Airtel (Cash): After posting an all-time high of around 561; stock corrected gradually and found support near 472.


- Subsequently, stock made an valiant attempt to surpass its previous all-time higher however failure to cross such levels triggered fresh sell-off and stock nosedived sharply.


- During last week, stock found some buying interest near 411 as this level was coincided with the upward sloping trend line drawn from the bottom of December 2016.


- Last week candle resembles a formation of Inverted Hammer pattern. The said pattern has significance as it occurred at the trend line. Also, the daily candle formed Bullish Engulfing pattern on last Monday.


- The Higher Top Higher Bottom formation on weekly chart is intact hence one can buy this stock at current level 422.50 with a price target of 480 & 510 respectively. Stop should be placed below 479.


Recommended Action: Buy.

  Read full report Click here to read the full report


About Way2wealth

Way2Wealth today has established itself as one of India’s ‘Premier Investments Consultancy Firms’, known for making investing simpler, more understandable and profitable for the investors. They offer a wide range of products & services viz: Equity, Derivatives, Currency Futures, Commodities Trading, IPO's, Mutual Funds, Portfolio Management Services & Depository Services.

 

For more information please write in to editor@indianotes.com

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.

logo
BSE : 2,169.25 +47.95
(2.26%)
NSE : 2,167.05 +43.60
(2.05%)
Read More