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Weekly Equity Picks: Hexaware, Bharti Airtel - IndiaNotes.com
Weekly Equity Picks: Hexaware, Bharti Airtel
Way2wealth | Published: 08 Jan, 2018  | Source : IndiaNotes.com

Hexaware (Cash): Looking at the weekly chart, stock has seen in a strong up trend in past several weeks and hit a fresh all-time high of around 350.


- Subsequently, we saw price wise as well as the time wise correction which eventually resulted into a formation of bullish flag pattern.


- The said pattern is a continuation pattern which usually occurs during the middle of the trend and during last week stock confirmed its breakout from said pattern.


- The weekly 9-45 EMA on price as well as on the RSI is positive.


- The volume activity has started picking up which support our hypothesis.


- Thus, we advocate traders to buy this stock in a range of 358 to 353 with a price target of 400. Stop loss should be placed at 338.


Recommended Action: Buy.

 

Bharti Airtel (Cash): Looking at the daily chart, stock had rallied sharply and confirmed its breakout from long consolidation.


- Subsequently, stock slipped into consolidation which led to a formation of Bullish Cup & Handle formation.


- The said pattern will be confirmed if stock closes above the neckline of the pattern which is pegged near 543.


- The daily Bollinger Band index got squeezed indicates shift in volatility.


- The 9-45 EMA on daily as well as on RSI (14) is still positive indicates the overall trend is up.


- Combining the above technical evidences, we recommend traders to buy this stock above 543 with an upside price target of 610. Stop loss should be placed below 510.


Recommended Action: Buy.

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