DSIJ.in JULY 10 - 23 , 2017 I DALAL STREET INVESTMENT JOURNAL (^17)
The stock of Dabur India is currently trading at
293.50. Its 52-week high/low stand at320.30/
258.80 which were made as on July 14, 2016 and December 26, 2016. Considering the daily time frame, the stock recently gave a multiple resistance breakout at296 level with justifiable volumes and
witnessed a pullback on the same day. The stock
has been making higher tops and higher bottoms
with reversals taking supports at 50% or 61.8%
retracement levels. Hence, we may see the stock
correcting some more up to 291/289 levels and bouncing back for yet another rally. The 14-period RSI is quoting at 68, which depicts good momentum in the stock. Considering the weekly time frame, the stock has been trading in the range of266-296, hence if it sustains above 296, it may give an upside move of 25-30 points. We recommend Buy in the stock from291-294, for a
target of 310-320 with a stop loss of282.
The stock of JMC Projects is currently trading at
298.35. Its 52-week high and low stand at 309.95/183 made on July 4, 2017 and November 21, 2016. Considering the daily time frame, the stock recently gave a descending triangle breakout with huge volumes and RSI positive crossover. Also, on the weekly time frame, the stock has given a multiple resistance breakout at around295 level yet again after a
throwback of up to 61.8% retracement level
of the prior upward rally followed by a
consolidation. The reversal was also supported
by 21-day EMA at 256 level. The breakout was supported by huge volumes formed after mid-February 2017. Moreover, the 14-period RSI is quoting at 64 with a positive crossover. Hence, we suggest a buy in the stock from 298-300 for a target of 325-333 and a stop loss of279.
STOCK RECOMMENDATIONS
BSE Code : 500096
BSE Code : 522263
Target 1 ..... 310 | Target 2 .....320 | Stoploss....282 (CLS) Target 1 .....325 | Target 2 ..... 333 | Stoploss....279(CLS)
DABUR INDIA ....................... BUY .............................. CMP 293. JMC PROJECTS (INDIA) ....................... BUY ................ CMP298.
Disclaimer : Above recommendations are based on various technical parameters and any fundamental input has not been considered for the recommendations. Follow strict stop loss for the recommendation.
*LEGEND: n EMA - Exponential Moving Average. n MACD - Moving Average Convergence Divergence n RMI - Relative Momentum Index
n ROC - Rate of Change n RSI - Relative Strength Index
(Closing price as of July 04, 2017)
DS
brent
(Brent)
#1