Published February 14, 2019
The market showed a small loss Wednesday, and Nifty 50 (NIFTY) ended the day at 10794 points, which is a decline of 0.35 percent. The index has now closed down for the fourth day in a row.
Like we had suggested last time to stay with caution when Nifty had given a breakout from a rectangle formation, we hold our comment and suggest the same this time again. Why? Because there is still resistance at 11060 points which the index has not been able to defeat.
Persistent Systems Lim (PERSISTENT.NS) Close: 642.90
Persistent Systems Limited has broken through the ceiling of a falling trend channel in the medium term. This indicates a slower falling rate initially, or the start of a more horizontal development. The stock has given positive signal from double bottom formation by a break up through the resistance at 630. Further rise to 720 or more is signaled.
Positive volume balance and strong momentum supports the rally. The stock has risen sharply after bottoming out around 545 levels and under resistance at 664. One must maintain proper stop-loss.
Recommendation one to six months: Buy
Power Grid Corporation of India Limited is inside a falling trend channel in all time frames, short, medium and long term. Falling trends indicate that the company experiences negative development and declining buy interest among investors. The stock has broken a rectangle formation and may fall further down to 160 rupees or lower.
The stock has resistance between 180 and 190. The stock is overall assessed as technically negative for the medium term.
Recommendation one to six months: Sell
Lupin Limited has broken the falling trend channel down in the medium term. It also gave a negative signal from a rectangle formation at the break down through the support at 813. Target from the formation is around 755, however, the stock can fall further. The stock has support at 735. A fall below that level may lead to fresh selling. There is resistance around 810-820 rupees.
RSI below 30 shows that the momentum of the stock is strongly negative in the short term. Investors have steadily gone down on price to sell the stock, which indicates increasing pessimism and continued falling prices. The stock is overall assessed as technically negative for the short to medium term.
Recommendation one to six months: Sell
The analyses are based on closing price as per February 13, 2019. Maintaining proper stop loss is always recommended.
Investtech ei takaa analyysien tarkkuutta tai kattavuutta. Kaikkien analyysien tuottamien neuvojen ja signaalien käyttäminen on täysin käyttäjän vastuulla. Investtech ei vastaa mistään tappioista, jotka saattavat syntyä Investtechin analyysien käytön seurauksena. Mahdollisten eturistiriitojen yksityiskohdat mainitaan aina sijoitusneuvon yhteydessä. Lisätietoja Investtechin analyyseistä löytyy täältä disclaimer.
Investtech ei takaa analyysien tarkkuutta tai kattavuutta. Kaikkien analyysien tuottamien neuvojen ja signaalien käyttäminen on täysin käyttäjän vastuulla. Investtech ei vastaa mistään tappioista, jotka saattavat syntyä Investtechin analyysien käytön seurauksena. Mahdollisten eturistiriitojen yksityiskohdat mainitaan aina sijoitusneuvon yhteydessä. Lisätietoja Investtechin analyyseistä löytyy täältä disclaimer.