Published March 08, 2019
Two stocks that appeared on our Top 50 list on the buy side.
Lakshmi Machine Works (LAXMIMACH.NS) Close: 6277.50
Lakshmi Machine Works has broken out of the falling trend channel in the medium term and taken a support at the bottom of the rising trend channel in the long term chart around 5300 rupees. It has recently given buy signal from a small inverted head and shoulders formation. There is resistance around its previous peaks of 9240 rupees, while support is around 6100 and 5700 levels.
Volume tops and volume bottoms correspond well with tops and bottoms in the price. Volume balance is also positive, which strengthens the stock. RSI above 70 shows that the stock has strong positive momentum in the short term. Investors have steadily paid more to buy the stock, which indicates increasing optimism and that the price is expected to continue to rise. The stock is overall assessed as technically positive in the medium term.
Recommendation one to six months: Positive
After being in a sideways trend for almost a year, Allahabad Bank has given a breakout from the ceiling of the trend channel and its resistance around 49.00 rupees. Further upside is expected. The stock has support around 46 and 44.30 rupees. There is resistance further up around 73 rupees
Volume balance is also positive, which strengthens the stock. RSI above 70 shows that the stock has strong positive momentum in the short term. This indicates that the optimism among investors is high and that buying interest is increasing, the price is expected to continue to rise. The stock is overall assessed as technically positive in the medium term.
Recommendation one to six months: Positive
The analyses are based on closing price as per March 7, 2019. Maintaining proper stop loss is always recommended.
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Investeringsanbefalinge(r)n(e) er udarbejdet af Investtech.com AS ("Investtech"). Investtech garanterer ikke for fuldstændigheden eller rigtigheden af analysen. Eventuel eksponering i forhold til de råd / signaler, som fremkommer i analyserne, står helt og holdent for investors regning og risiko. Investtech er hverken direkte eller indirekte ansvarlig for tab, der opstår som følge af brug af Investtechs analyser. Oplysninger om eventuelle interessekonflikter vil altid fremgå af investeringsanbefalingen. Yderligere information om Investtechs analyser findes på infosiden.