Trading Strategies: Kotak Mahindra Bank, Biocon, JSW Energy
Last close: 5631
Market was remained under selling pressure since morning of Thursday trade due to weak global economic growth, ended lower for its fifth consecutive day. Banking and financials helped the market to come off their days low. As per technical charts, Nifty is trading near to its support range of 5580-5600, any breakdown may attract panic selling otherwise bias remains positive. For Friday, Nifty is likely to seek support around 5600-5580, and on the upside, may face hurdle around 5670-5700.
Last close: Rs 235.85
Target: Rs 244-248
Stock was trading in the range of 208-238 levels from past few sessions which leads to form the lower highs and higher lows on daily charts which is bullish in nature. On Thursday, stock went up by over 5%, subsequently given the breakout of pattern with decent volume and manages to close near high of the day. So we anticipate that the buying momentum can continue for the coming sessions which suggest the upside target of 244-248 with SL of 232.
Last close: Rs 1232.25
Target: Rs 1260-1275
Stock has been rebounded sharply from 930 levels to 1250 levels in single upward journey and went into a consolidation range of 1170-1240 for past few sessions. On Thursday, stock ended over 1% gain and clears the indication for further upside rally. Therefore, one can initiate long for the upside target of 1260-1275 with SL of 1215.
Last close: Rs 306.90
Target: Rs 315-320
Stock was formed the “Inverted Head and Shoulder" formation on daily charts which took around ten month to form so the potential of rise is quite strong. For confirmation, it has given the neckline breakout of pattern on Thursday trade accompanied by good volume. Stock is comfortably trading above its 200EMA on daily charts which provides the positive outlook of stock. Therefore, one can initiate long for the upside target of 315-320 with SL of 302.
Last close: Rs 62.10
Target: Rs 64-65
Stock is continued to trade in narrow range of 59 to 64 levels from past two months with positive bias. On Thursday, stock went up by over 2% conclusively breached its short term moving averages with average volume. So we anticipate that the buying momentum can continue for coming sessions which suggest the upside target of 64-65 levels with SL of 60.50
KTK BANK (LONG)
Last close: Rs 145.35
Target: Rs 150-152
Stock has rebounded sharply from its recent low of 75 levels and started moving higher while trading in higher highs and higher lows on daily charts. On Thursday, stock ended over 2% gains, subsequently registered new 52 week high with good volume and manages to close near days high. All these technical evidences suggest buying for the upside target of 150-152 with SL of 142.
Source: Mudit Goyal, technical analyst, SMC Global
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