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Trading Strategies: Bata India, HDFC Bank and Exide Inds

Mudit Goyal/New Delhi 13 Feb 13 | 08:25 AM

Nifty
Last close: 5923


After losing eight streaks, markets got success to ended positive on Tuesday as industrial output and inflation number for December underscored the weakness in the economy. It was just the short covering of derivative position but the near term outlook remained cautious. Nifty is likely to seek support around 5880-5860 and on the other side, may face resistance around 5960-5980 for next session.

BATAINDIA (LONG)
Last close: Rs 792.90
Target: Rs 810-820


Stock also rebounded sharply after making double bottom on daily charts and started moving higher. Currently it is forming the “Inverted Head and Shoulder" pattern in intraday charts which is bullish in nature. Therefore, one can initiate long for the upside target of 810-820 with SL of 780.

EXIDEIND (LONG)
Last close: Rs 130.70
Target: Rs 135-137


Stock has been given the breakout of Pennant pattern in last few days and started moving higher. It is going to fill the gap area around 131-140 levels which was formed on 18th January, 2013. So we anticipate that stock can fill the gap area which suggests the upside target of 135-137 levels for neat session. Intraday trader can consider 129 levels as SL.

HDFCBANK (LONG)
Last close: Rs 665.20
Target: Rs 680-690


After registering its 52 week high of 705 levels, stock was continuously moving lower while trading in lower highs and lower lows on daily charts. On Tuesday, stock ended marginally higher conclusively breached its downward sloping resistance line with higher volume so we anticipate that buying momentum can continue for coming days which suggest the upside target of 680-690 levels with SL of 655.

IFCI (SHORT)
Last close: Rs 33.25
Target: Rs 31-30


Stock is forming the “Head and Shoulder" pattern on daily charts which is bearish in nature. On Tuesday, Stock went down over 2.5% conclusively breached its 200 EMA on daily charts so we anticipate that selling momentum can continue for coming days which suggest the downside target of 31-30 with SL of 34.50

INDUSIND BANK (LONG)
Last close: Rs 438.75
Target: Rs 447-450


Stock is forming the “Inverted Head and Shoulder" pattern on daily charts which is bullish in nature. There is no as such pattern breakout but its consolidation from past few weeks indicates that there will be a strong spurt for near term so one can initiate long for the upside target of 447-450 with SL of 432.

Author is technical analyst with SMC Global Securities

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