Wednesday, February 29, 2012
Friday, February 17, 2012
Adani Ent - Bullish Outlook
The above daily chart shows a bullish outlook for the short to medium term. The stock has completed its corrective phase. It reversed exactly from the trend line support (marked in Blue color). According to Elliott Wave perspective wave ii / b has completed and wave iii /c is in progress. Basically, Wave iii / c target will be at 161.8 % projection level of wave i / a. The 100% - 138.2% - 161.8% projection level placed at 545 – 625 - 670. In addition, the price developments are making higher highs with volumes. Now we expected to trade higher till 515 – 545 - 625. Support will be at 350 - 340. Resistance level placed at 455 - 490.
On the daily chart the stock is trading above its 50 DMA & 100 DMA ie 350 and 389 respectively. On the weekly charts, the momentum indicators and key oscillators are giving positive crossover.
Recommendation:
Investors can accumulate the stock at current levels (407) or on dips till 390 levels for initial up move till 515 - 545 levels and on sustaining above 545 levels for couple of trading sessions, we expect the stock to continue its positive momentum for the next leg of up move till 625 – 670 levels.
Crompton Greaves - Bullish Outlook
The above weekly chart shows bullish outlook for the short to medium term. The stock has completed its corrective phase. It has exactly reversed from the gap support placed at 109 – 102 range. Few weeks back the stock gave a breakout from the falling wedge pattern which is a significant bullish reversal. In addition the recent price developments are making higher highs and decent volumes are witnessed in the support zone. According to Elliott Wave perspective, Zig Zag (a-b-c) correction has completed and now we are in bullish leg likely to be impulsive move. Support level placed at 143 – 132 and resistance level placed at 170 – 179.
On the daily chart the stock is trading above its 50 DMA and 100 DMA i.e. 132 and 137 respectively. On the weekly charts, the momentum indicators and key oscillators are placed with multiple legs of positive divergence.
Recommendation: Investors can accumulate the stock at current levels or on dips till 143 levels for initial up move till 200 - 225 levels and on sustaining above the 225 levels for couple of trading sessions, we expect the stock to continue its positive momentum for the next leg of up move till 260.
RCOM - Bullish Outlook
The above daily chart shows a bullish outlook for the short to medium term. The stock has completed its corrective phase. It reversed exactly from the trend line support (marked in Blue color). According to Elliott Wave perspective wave ii has completed and wave iii is in progress. Basically, Wave iii target will be at 161.8 % projection level of wave i. The 100% - 161.8% projection level placed at 129 – 155. In addition, channel line break out has been witnessed with higher volume & the price developments are making higher highs. Now we expected to trade higher till 129 - 155. Support will be at 89 – 87. Resistance level placed at 109 – 115.
On the daily chart the stock is trading above its 200 DMA & 100 DMA ie 85 and 80 respectively. On the weekly charts, the momentum indicators and key oscillators are giving positive crossover.
Recommendation:
Investors can accumulate the stock at current levels (104.55) or on dips till 99 levels for initial up move till 129 - 155 levels and on sustaining above 155 levels for couple of trading sessions, we expect the stock to continue its positive momentum for the next leg of up move till 210.
Friday, February 10, 2012
Friday, February 3, 2012
Prakash Ind - Buy
The above weekly chart shows bullish outlook for short to medium term. After testing the crucial bottom the stock started recovering from the support. It seems like the stock has bottomed out. In addition few weeks back “Falling Wedge” break out has been witnessed with high volume which is good bullish reversal sign. Now the volumes are consistently increasing with rise in price. The weekly and monthly RSI shows positive crossover. Overall the stock is heading toward 110 - 135 levels which is 38.2% - 50 % retracement level of last falling leg. On sustained rally above 135 the stock will move further towards 190 in medium to long term perspective.
Strategy:
ΓΌ Investors can buy the stock at 45 – 41 range for the target of 110 – 135.
Thursday, February 2, 2012
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