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Trading Strategies: Pantaloon Retail, Havells India, Bhel

SI Reporter/Mumbai 24 Dec 12 | 08:16 AM

Nifty
Last close: 5848


Market fell over one percent in the afternoon trade on Friday due to ongoing uncertainty over Fiscal Cliff deal and profit booking could be another reason. All sectors were ended in red but major selling was witnessed in Realty, metal, healthcare and capital goods. Technically, Nifty is trading in the range of 5820-5940 from past few sessions. Any breakout below or above will be the decisive move for the markets. Overall the bias remains positive till nifty holds the level of 5600. Nifty is likely to seek support around 5820-5780 and on the other side, may face hurdle around 5880-5900 for Monday session.

 

BANKINDIA (LONG)
Last close: Rs 333.70
Target: Rs 342-346


Stock is continued to moving higher while trading in higher highs and higher lows sort of rising channel on daily charts which is bullish in nature. Stock is comfortably trading above its 200EMA on daily charts which gives the positive outlook of stock. One can consider buy for the upside target of 342-346 with SL of 328.

 

BHEL (SHORT)
Last close: Rs 227.65
Target: Rs 222-220


Short term and medium term bias remains negative for the stock. It is going to complete the “Head and Shoulder" formation on daily charts which is bearish in nature. For near term, stock can found support around 220, any breakdown may attract fresh selling till 205 levels. For Monday trade, one can consider sell for the downside target of 222-220 with SL of 231.

 

HAVELLS (LONG)
Last close: Rs 634.55
Target: Rs 655-670


Stock was faced a strong selling pressure from 670 levels and went into a consolidation range of 570-600 levels to form the fresh buying pivot on charts. Recently, got the breakout of its consolidation with good volume and still manages to trade above the same. So we anticipate that stock can give further rise to reach our desire target of 655-670 with SL of 621.

 

IGL (SHORT)
Last close: Rs 248.40
Target: Rs 240-236


Stock was moving sideways in the range of 220-270 levels while trading with horizontal resistance line and higher trending support line. On Friday, it has given the breakdown of support line and clear the indication for further downside rally so one can initiate short for the downside target of 240-236 with SL of 252.

 

PANTALOON (LONG)
Last close: Rs 238.25
Target: Rs 246-250


Stock has rebounded sharply from its recent low of 175 levels and tested 248 in single upward journey and went into a consolidation zone. Currently it is trading in that range but the movement of last traded day indicates that there will be a strong breakout. Buy this stock for the upside target of 246-250 with SL of 233.



Source: Mudit Goyal, technical analyst, SMC Global

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