Yes Bank-A very short-term selling opportunity

Yes Bank-Daily Chart
source: www.icicidirect.com

During the last few days,markets has seen profit booking after the steep rise.The fall is lead mainly by the banking index.Several banking heavyweights have broken the important support levels in this fall and are offering shorting opportunities.

Yes Bank is also one such stock which has broken down from the Wedge pattern in last trading session

Axis Bank ready for a bull run

Axis Bank-Inverse H&S Pattern
source:www.icicidirect.com

We saw in last few days and also discussed in our post on Nifty Outlook that Nifty has already entered into new bullish zone after trading for several years in 5000-6000 range and now it is heading towards target of 7000-7100 in the coming months.

Banking stocks remained under pressure for quite some time due to adverse micro and macroeconomic factors but now the tide is turning

Heromotocorp breaking out of a bullish triangle pattern

          Heromotocorp is continuing with its uptrend,though it was stuck in a trading range for the past few days.In today's trading session , it attempted to break out of this range with good volumes.This trading range led to the formation of  a bullish triangle pattern on daily chart.

 On lower side, the stock is consistently taking support on the trendline supported by some short-covering.Short-covering is likely to continue in coming days also.In today's session again , it took support at the trendline after opening lower and gained strength throughout the day and managed to close above the upper trendline ( see black oval on chart )

         Technical oscillators like RSI ,slow stochastic s are already in buy mode and momentum oscillator is also in positive territory.

          Seeing all the scenario, Heromotocorp is expected to continue this uptrend in coming days. An upside of 8-10% can not be ruled out in a week or so. So the stock can be bought at the current market price or on decline towards 2000-2010 for the target of Rs 2232 as suggested by the triangle pattern.Stoploss for the trade can be placed safely around 1980-1990 ( spot levels ).

       
          

Reliance Industries breaks down from Rising Wedge pattern

     Reliance Industries ( source : www.icicidirect.com )

Reliance Industries was trading in a range between 850-900 for the past several days.In yesterday's trading session it broke down from the lower trend line of a rising wedge with good volumes,confirming the bearish Rising Wedge pattern.Technical indicators and oscillators like momentum,stochastics and TRIX ( triple moving average crossovers) have turned to sell mode.

So,we can short Reliance Industries stock on bounce towards 870-875 or at current market price for target of 810-815.Stoploss for the trade is 900 and duration is 7-8 trading sessions.(All are cash levels).

Follow-up for short-term call-MARUTI SUZUKI

Target of 1440 for the call initiated on Maruti Suzuki at 1310-1320 on September 12,2013 achieved today.
Full profits booked.

Wipro breaks out of trading range

Wipro Daily Chart ( source:www.icicidirect.com )

Wipro has been consolidating for the past several days in a range.During today's trading session,it gave break out of that range forming a pattern similar to a bullish Triangle pattern.

  The breakout took place with decent volumes.Daily Momentum Oscillators has turned positive.So long position can be initiated in Wipro at current market price of Rs 483 or on correction towards levels near 473-475.Target for this upmove can be up to Rs 540-545 with duration of 10-15 trading sessions.Stoploss for the trade can be placed safely just below 450.All levels shown are cash levels,so Futures Prices should be adjusted accordingly.

Follow-up for short-term call-HCL TECH.

Stoploss triggered.

Short-term technical call-HCL TECH.

Buy HCL Tech around 1030-1040 for target of 1140 keeping stoploss at 995 in 6-8 trading sessions (spot levels).

Short-term technical call-Maruti Suzuki

Buy Maruti in the range of 1310-1320 for target of 1430-1440 in next 6-7 trading sessions.Stoploss 1290.(cash levels)

Follow up for technical call given on Punjab National Bank

Technical call for Punjab National Bank was given in Nifty outlook for targets of 485-490.Target achieved today and profit booked at 490.

Follow up of call given on September 3,2013

Target for Larsen & Toubro achieved.Profit booked at 805-810.Call initiated at 694.

Follow up of calls given on 03-09-2013

Bank of baroda target achieved.Profit booked @ 510

Follow up of calls given on 03-09-2013

McDowell(united spirits) target achieved

Short-term technical calls on NSE(NIFTY)

Buy Larsen & Toubro at cmp of 694 with stoploss below 690 for targets of 800-810 in 7-8 sessions.(spot levels)

Short-term technical calls on NSE (Nifty)

1.Bank of baroda can be bought near 445-450 with a stoploss placed at 430 for targets up to 510-520 in 6-8 trading sessions

2. McDowell (united spirits) can be bought near 2120-2130 levels for targets of 2330-2350.stoploss should be at 2070.

3. Mahindra &  Mahindra can be shorted below 760 for targets of 720 with stoploss placed above 795.

Note-all prices are spot levels for the stocks with durations of 8-10 days.