Today, I covered following stocks:
- CESC at 50 dma: Trading Opportunity
- Ultratech Cement at 50 dma: Trading Opportunity
- NTPC at turnaround Point: Investment Buy
- Bharti Telecom: Can it Breakout and rally to 345?
Let us see what happened?
The stock in last few days has once again pulled back and seems to be holding 50 dma – trading Opportunity? Well Bulls can make an assumption with closing stop loss below 600.
As you can see in the chart above: CESC bounced 3.6% from 50 dma.
Nobody Knows. But yes if stock holds up here, it can rally big time. One can assume support here with stop loss at 2450
As you can see in the chart above: Ultratech Cement bounced 3.1% from 50 dma.
Technically, NTPC is a great buy at CMP but I doubt folks would jump on to the counter.
To everyone's surprise - NTPC stock bounced 2.5% from the level yesterday.
The big question: Will there be breakout above 337 and rally to 345 – a band in which stock has been trading since middle of June 2014
The stock did make a move early morning but fizzled out by the end of the day. Disappointing outcome
Lesson: Strong Stocks perform well from support levels but that cannot be said when it comes to technically weak stock
Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers