Stocks for coming weeks – RSI Edge Analysis
NIFTY – The index is strong and registered a positive close this week. The weekly RSI is positive and supporting the price move up. The move up is expected to continue as long as Nifty maintains itself above 10775 (closing basis) The upcoming levels for the week are 10900 and 10990. While a move below 10720 will be a red flag to bulls and Nifty may settle around 10640 levels.
Elections may further trigger volatile moves in the index. Overall picture is bullish, only exception is my indicator (BX Trender) is showing bearish divergence.
HIND ZINC – The stock is forming a ascending triangle on the weekly charts. The pattern is expected to get activated above 345 (closing basis). Once a close above the levels is registered the pattern target is 434.
Profit booking can be done interim at 366 and 388 levels. Close below 290 invalidates the pattern.
HDFC BANK – The stock is in a parabolic up trend. There has been no looking back from the beginning of the move.
The stock is now at the breakout levels. A move above 2060 (closing basis) will confirm further move up and the stock is expected to touch 2135 & 2200 levels in coming months. A negative close below 1875 will turn the bull case.
HEXAWARE – The stock has taken support on a previous breakout levels. A bullish candle with momentum support and volumes indicates further buying into the stock.
Hexaware is expected to continue its upward moves and targets are set at 447, 469 and 496 levels. Stops for the trade are placed at 370.
Bharat Jhunjhunwala MFTA, CMT, CFTe, MSTA