Among top performers on our Top 50 list

Published October 22, 2018

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Every day our automated system goes through all the stocks listed on NSE and based on their performance it assigns scores to these stocks. We go through this list to find the Top 50 candidates from the NSE space. The scores are given based on closeness to the trend channel, volume balance indicator, price formations and support and resistance levels. Below are analyses for Nifty 50 and three of the 50 best scorers.

Nifty 50 (NIFTY.NS) Close: 10245.25

Nifty 50 index on Monday fell by 0.57 per cent to close at 10245.25 points. The index has broken down through its rising trend channel both in the medium and the long term. In the first go it indicates that the rising trend is coming to an end or the instrument may enter into a sideways trend. However, the 50 stock index has also broken the support of 10440 points. Hence further downside in the index is indicated.
Next support level is seen at the round figure of 10000 points. On the upside there is resistance around 10440 and 10860 points respectively.
Investtech's outlook (one to six months): Weak Negative

Gujarat Fluorochemical (GUJFLUORO.NS) Close: 869.95

Gujarat Fluorochemicals Limited tops the list with an overall score of 90 among stocks with a liquidity of over 100 crores or higher. It shows strong development within a rising trend channel in the medium term. This signals increasing optimism among investors and indicates continued rise.
There is support around 750 and resistance around 930 rupees in the longer term. A definitive break and close through of one of these levels predicts the new direction. The stock is overall assessed as technically positive for the medium to long term.
Investtech's outlook (one to six months): Positive

HEG Limited (HEG.NS) Close: 4092.70

HEG Limited has a total score of 81 points. Investors have paid higher prices over time to buy HEG Limited and the stock is in a rising trend channel in the medium term. Rising trends indicate that the company experiences positive development and that buy interest among investors is increasing.
Positive volume balance indicates a higher weightage of buyers over sellers when the stock price goes up and vice versa.
The stock is very close to the uptrend line and its short term support of 4060 rupees. The stock may bounce back if the buyers come in to accumulate  around this level. There is resistance at 4260 and then at 4740.
Monthly volatility is high at around 38 percent, so the stock can swing a lot. Be cautious while trading and maintain proper stop loss to avoid any drawdowns.
Investtech's outlook (one to six months): Positive

L&T Technology Service (LTTS.NS) Close: 1496.30

L&T Technology Service is inside a rising trend channel in the medium term. The stock made a double top formation early this month and the objective at 1525 was met. However, the stock managed to rise again and further rise can be be expected as it nears the support of 1480. Next level of support is at 1340. If the price closes below that level, it may lead to profit booking or fresh selling at lower prices. Hence proper stop loss should be maintained.
The stock has resistance between 1540 and 1735.
The volume balance is positive and strengthens the stock. The stock is overall assessed as technically positive in the short to medium term.
Investtech's outlook (one to six months): Positive

The analyses are based on closing price as per October 22, 2018. Maintaining proper stop loss is always recommended.