Markets in consolidation mode, bias remains weak; wait for strength to emerge before going long
时间:2024-06-17 16:07:48 阅读(143)
By Subash Gangadharan
On the Daily chart, the Nifty had recently broken out of the 16415 resistance and headed higher. It however found resistance around the 16800 levels which also roughly coincides with the 200 day EMA. The Nifty subsequently corrected and is now trading just above the 20 day SMA at 16260. Many stocks are also correcting and failing to hold on to their recent gains. Combined with the negative market breadth, this is a sign of weakness and caution is therefore warranted.
Sell GNFC
GNFC is in an intermediate downtrend as it recently broke the support of 752 and has been moving lower in the last few weeks. Last week, the stock reacted from close to the 20 week SMA. This indicates that the downtrend looks set to continue.
Technical indicators are giving negative signals as the stock is now trading below the 20 day and 50 day SMA. Momentum readings like the 14-week RSI are in decline mode and not oversold, which implies potential for more downsides.
We, therefore, expect the stock to correct further in the coming sessions. Sell between the 624-628 levels. CMP is 626.1. Stop-loss is at 660 while the downside target is at 570.
Sell McDowell
McDowell is in an intermediate downtrend as it has been making lower tops and lower bottoms for the last several weeks. Last week, the stock reacted from close to the 200 day EMA. This indicates that the downtrend looks set to continue.
Technical indicators are giving negative signals as the stock is now trading below the 20 day and 50 day SMA. And both these moving averages are sloping down. Momentum readings like the 14-week RSI are in decline mode and not oversold, which implies a potential for more downsides.
We, therefore, expect the stock to correct further in the coming sessions. Sell between the 770-774 levels. CMP is 772. Stop-loss is at 800 while the downside target is at 720.
(Subash Gangadharan is a Senior Technical and Derivative Analyst at HDFC Securities. Views expressed are the author’s own. Please consult your financial advisor before investing.)
猜你喜欢
- Gold Price Today, 16 Dec 2022- Prices flat, dollar rises; yellow metal set for weekly loss amid hawkish US Fed
- Global Markets wrap-up- Asian stocks, US futures sink as traders weigh rising COVID-19 cases, Fed rate hike
- Tamilnad Mercantile Bank to launch Rs 830-cr IPO on September 5; check price band, lot size, bidding details
- Global Markets- Second half starts with fresh strain on stocks
- Top 5 Canadian universities for international students looking to study in Canada
- This low-cost pill can help to quit smoking; Read on to know all about it
- Tech Mahindra, Adani Transmission, M&M Financial, Adani Ports, Nykaa, Grasim Industries, KSB stocks in focus
- Gold Price Today, 11 April- Gold gains after falling in last session, dollar slips ahead of US inflation data
- Tata Motors explores partial stake sale in Tata Tech via IPO