Three exciting buy opportunities - Price breakouts

Published May 02, 2019

The market showed a flat development on Tuesday and Nifty 50 (NIFTY) ended the day at 11748 points (-0.06 per cent). Overall the month of April showed a gain of 1.1 %. Needless to say why the market is hovering around its all time high levels. Clearly it is eagerly waiting for more clues from the election results expected to be out in three weeks. Till then fingers crossed.

We have managed to find good trading opportunities for you in the short to medium term. We went through the Top 50 list of stocks that is automatically updated every day based on the score that Investtech's algorithms allocate to every NSE listed stock. This is based on various factors like position of the stock with respect to the underlying trend, volume balance indicator, nearness of price to support and resistance and finally any price formations or breakouts. The score varies between +100 and -100 points. Out of all stocks, those that scores the highest are chosen in Top 50 'positive' and those with the most negative score get placed in Top 50 'negative'. Today we have analysed three positive stocks.

Bandhan Bank Ltd (BANDHANBNK.NS) Close: 599.45

Bandhan Bank Ltd was listed on the National Stock Exchange in March last year, and has seen almost all kinds of price behaviours since then. Currently the stock is inside a rising trend channel in the medium term chart. It has given a buy signal from price breakout through the resistance at 570 rupees. A double bottom formation is now established and the stock is expected to rise to 746 or more. The next resistance is also around the 730 levels or 21.8 per cent higher from last close. There is support around 550 and 523 rupees in the short term.

Positive volume balance and strong momentum support the rising stock price. Bandhan Bank Ltd. is overall assessed as technically positive in the short to medium term.

The stock is volatile with an average rate of around 23 per cent on a monthly basis.

Recommendation one to six months: Positive

Aurobindo Pharma Limit (AUROPHARMA.NS) Close: 819.05

Aurobindo Pharma Limited is in a rising trend channel in the medium term. This signals increasing optimism among investors and indicates continued rise. The stock has given a buy signal from a rectangle formation by breaching through the resistance at 796 rupees both in the medium and long term. Further rise to 891 or more is signalled. There is support around 790-777 rupees.

The price breakout has been supported by a spike in volume, which is a positive sign. The stock is currently testing the resistance at rupee 820. This may give a negative reaction in the short term. However, given its position and underlying strength in short and medium term charts, the stock is considered a positive candidate.

Recommendation one to six months: Positive

L&T Technology Service (LTTS.NS) Close: 1737.30

L&T Technology Services Limited is in a rising trend channel both in the medium and long term. This shows that investors over time have bought the stock at higher prices and indicates good development for the company. The stock has given a price breakout from a rectangle formation and is above the resistance at 1720 rupees. Further rise to 2026 or more is signalled. The stock may find resistance at its earlier resistance at 1762, hence one must be cautious around that level. In case of any reaction on the downside, there is support around 1707 and 1620 rupees.

The short term momentum is very strong as the RSI value is above 70. This indicates that lately the investors have been optimistic about the stock. This is uplifting for the stock's near term future.

Recommendation one to six months: Positive

The analyses are based on closing price as per April 30, 2019. Maintaining proper stop loss is always recommended.

Skrevet av

Kiran R. Shroff
Analytiker
i Investtech

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Archive:

24 April: Exclusive research report: Rectangles and return from breakouts

17 April: Stock with 20 per cent upside potential

11 April: Three buy opportunities, price-volume breakout

29 March: Two stocks to stay from

27 March: Recent breakouts in three stocks, short term opportunity

21 March: Three buy and one sell

12 March: Cement stocks are posing good opportunity

08 March: Clear breakout and reversal from intermediate downtrend

07 March: Deepak Nitrite Limited looks promising to enter into a trade

06 March: Three buy candidates for medium to long term

28 February: Breakout in these three stocks invites for early opportunity

26 February: Two buy opportunities for the near term future

21 February: Stocks with RSI above 70, based on our research 

19 February: Close to selling point, time to be cautious 

15 February: These two sugar stocks look promising 

14 February: Three short to medium term opportunities 

08 February: One buy and one sell in stocks while index suggests caution 

06 February: One buy and one sell, short to medium term opportunities 

01 February: Upside breakout from price formations 

30 January: Buying opportunity: Reversing from trend channel support 

9 January: One positive and one to stay away from 

2 January:  A good investment opportunity 

2018

21 December:  Good buying opportunities

14 December:  Positive on these three stocks

11 December:  One buy and one sell signal

07 December:  Sell Signals in Three Big Stocks

04 December:  Highest scorer of our Top 50 list

30 November: Positive stocks with 5-11 per cent upside potential

28 November: Buy signal on high volume

27 November: One Buy and One Sell Signal

23 November: Fear dominates these stocks

21 November: Sell signal, time to stay away

20 November: Early opportunity from short term buy signal

16 November: Two Buy Signals and One Sell Signal

15 November: Buy signal in this one

14 November: Solid buy signal

13 November: Big auto stocks comparison

09 November: What to wait for?

06 November: Banking stocks look positive

02 November: Positive on this one

01 November: TECHM, NIFTY50 and Hausse

31 October: What are investors thinking?

30 October: Bullish on these three stocks

26 October: Three potential candidates to ride on

24 October: Three big Metal stocks, Seasonal variation

22 October: Among top performers on our Top 50 list

18 October: Three stocks investors should stay away from

17 October: Flowing against the tide

16 October: Positive on these 2 stocks

11 October: Over 45 per cent rise

10 October: 3 negative stocks

9 October: The Indian banking space

5 October: Nifty closes at a crucial level

2 October: Price formations in the long-term charts

28 September: Positive on Biocon Limited

26 September: Bearish outlook

25 September: 3 solid buys

20 September: State Bank of India story!

18 September: Weekly technical analysis

"Investtech analyserer psykologien i markedet og gir deg konkrete tradingforslag hver dag."

Espen Grønstad
Partner & Senior Advisor - Investtech
 


Investeringsanbefalingen(e) er utarbeidet av Investtech.com AS ("Investtech"). Investtech garanterer ikke fullstendigheten eller riktigheten av analysen. Eventuell eksponering i henhold til rådene / signalene som fremkommer i analysene står fullt og helt for investors regning og risiko. Investtech er ikke ansvarlig for noe tap, verken direkte eller indirekte, som oppstår som en følge av bruk av Investtechs analyser. Opplysninger om eventuelle interessekonflikter vil alltid fremgå av investeringsanbefalingen. Ytterligere informasjon om Investtechs analyser finnes på informasjonssiden.


Investeringsanbefalingen(e) er utarbeidet av Investtech.com AS ("Investtech"). Investtech garanterer ikke fullstendigheten eller riktigheten av analysen. Eventuell eksponering i henhold til rådene / signalene som fremkommer i analysene står fullt og helt for investors regning og risiko. Investtech er ikke ansvarlig for noe tap, verken direkte eller indirekte, som oppstår som en følge av bruk av Investtechs analyser. Opplysninger om eventuelle interessekonflikter vil alltid fremgå av investeringsanbefalingen. Ytterligere informasjon om Investtechs analyser finnes på informasjonssiden.

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