Here are some stocks well positioned on charts and offer interesting opportunity –
Bharat Forge: Is the stock at Long term support now?
Bharat Forge has been one of the Leadership stock in current Bull market. The stock made a huge bullish move between Sep 2013 and Feb 2015. After such a strong move, it's normal for stock to consolidate and build a new base for future bullish move. The question: Where is that base? Do what we see on the chart above -Horizontal base at 834 can be interpreted as base. In Bull market - one can trust the trend and assumption with 5% stop loss below this level.
TV18 Broadcast: Momentum Pickup
Are stars aligning for big rally? Well, you can say so in case of TV18 Broadcast. The moving averages are converging and stock has taken off. Friday's pullback looks like a perfect opportunity to jump on a moving stock. Remember - momentum pick ups can be false moves and hence always keep a stop loss. In above chart - a stop loss on close below 35
Glenmark at 200 dma
Strong Bull market stocks are great buys on pullback near 200 dma. Glenmark has pulled back to 200 dma and seems to have strong horizontal support at 930. It means stock offers great opportunity as long as it trades above 930
Godrej Consumer Products at 200 dma
It's not a great time to be in FMCG stock. But will Godrej Consumer Product stock buck the trend and bounce from 200 dma. Well, so far this year - the stock has bounced every time it slipped closer to 200 dma. Having said that - remember Dabur, Marico, Emami all have failed around 200 dma and are under performing.
Bajaj Hindusthan: Turnaround for real?
There has been visible turnaround in Sugar prices in International market. The big question: Is that good enough to create sustainable turnaround in Sugar stocks in India. Bajaj Hindusthan stock made a good move earlier but now stock has pulled back closer to support levels. Should this be treated as entry opportunity with stop loss on close below 17
Summary: Opportunity Sheet
The stocks in Nifty: Sun Pharma, TCS and Adani Ports...breaking support.
Please share your comments on what you think of stock observations, market and trading in general. Please do your own due diligence before trading or investment. Do not treat the above as any recommendation.
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