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Must Read: Five trading ideas for today from SMC Global

SI Reporter/Mumbai 12 Nov 12 | 08:34 AM

Last close: 5686

Indian markets remained under pressure since morning of Friday trade due to weak global markets, ended below 5700 due to steep fall in SBI, ONGC and Tata Steel following their dismal performance in the second quarter. All sectors were ended in red but major selling was witnessed in Banks, Oil & Gas, Capital goods and Metal. Technically, nifty has broken down its 21EMA and 50EMA on daily charts and closes near to 5675 which is 23.6% Fibonacci retracement levels of entire upside move of 5220-5815. For Monday, nifty is likely to seek support around 5675-5640, and on the upside, may face hurdle around 5730-5760.


Last close: Rs 25.70
Target: Rs 27-28

Stock has rebounded sharply from its 52 week low of 19 levels and went into a consolidation range of 23-25 from past two months. On Friday, stock went up by over 6% and also come out from its consolidation range accompanied by huge volume. As technically required, stock also has given the 200EMA price cross-over on last traded session so buying momentum can continue for coming days which suggest the upside target of 27-28 with SL of 25.


Last close: Rs 113.25
Target: Rs 117-119

It has corrected sharply from its recent high of 140 levels and entered in its earlier support zone of 105-110 levels in single downward journey. Stock is trading in range of 110-115 from past five sessions to form the base for fresh buying. We are expecting that the stock can give the decent bounce for next session which suggests the upside target of 117-119 with SL of 111.


Last close: Rs 138.15
Target: Rs 133-130

Stock was melted down sharply from its 52 week high of 165 levels and rested 138-144 levels for past two weeks which leads to form the “Bear Flag" pattern on daily charts which indicates the bearishness of stock. Stock is trading just above its 200EMA of 137 levels so we anticipate that stock can broken its  important average and may open the door for free falling. Sell this stock for the downside target of 133-130 levels with SL of 140.


Last close: Rs 93.20
Target: Rs 97-97

Stock has formed the “Cup and Handle" formation on daily charts which is a continuation pattern indicates that the old trend is intact and new move is going to start. Stock has given the breakout of pattern on Thursday trade and confirms the upmove on Friday trade with above average volume. Therefore, one can initiate long for the upside target of 97-98 with SL of 91.


Last close: Rs 368
Target: Rs 376-380

After giving the decent upmove from 310-375 levels, it is moving sideways in range of 355-375 which leads to form the lower highs and higher lows on daily charts which is considered to be bullish in nature. On Friday, stock went up by 1.4% conclusively breached its short term and medium term moving averages accompanied by higher volume. Hence, one can initiate long for the upside target of 376-380 levels with SL of 364.

Source: Mudit Goyal, technical analyst, SMC Global

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