3 solid positives and 1 to stay away from, what to wait for!

Published November 9, 2018

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Nifty 50 index has behaved positively in the last few sessions and closed very close to its resistance level of 10600. If it manages to close above it and sustain, it may challenge the 10800 level.  On the downside there is support between 10400 and 10000 points. Lets see if this year's Diwali special session has set the market tone already or not.

We have found four possible opportunities for you that may prove to be good bets in the short to medium term.

Century Textiles & Ind (CENTURYTEX.NS) Close: 867.10

Century Textiles & Industries Limited has broken through the ceiling of a falling trend channel in the medium term. After falling by almost 50 per cent from its top in January, the stock has pulled itself up and established a double bottom formation along with the breakout from the resistance at 850 rupees. Further rise to 920 or more is indicated.
Volume balance and the momentum indicator have been in favour of this recent price rise, which is a positive sign. On the downside there is support between 850 and 830 rupees.
Investtech's outlook (one to six months): Positive

Marico Limited (MARICO.NS)) Close: 339.65
Marico Limited shows strong development within 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. The stock has support at rupee 332 and resistance at rupee 382.
Positive volume balance shows that volume is higher on days with rising prices than days with falling prices. This indicates increasing optimism among investors. The stock is overall assessed as technically positive for the medium term.
Investtech's outlook (one to six months): Positive

Trident Limited (TRIDENT.NS) Close: 71.85
This one looks really interesting.
After almost being sliced to half, Trident Limited stock prices have had a great comeback. The stock broke out through the ceiling of the downward trend channel and have given a breakout from two inverted head and shoulders formations. The stock is just below its short term resistance at 74 rupees. If it breaks through resistance and closes above this level, the stock may rise up to the 92.50 levels or more. There is support between 67 and 62 rupees.
The volume balance indicator is very positive, indicating buyers at every level of the price rise. RSI is also above 70, which suggests good price increase in the past weeks.
Only due to the nearness of the resistance level, our recommendation in the stock is weak positive instead of a clear positive in Trident limited.
Investtech's outlook (one to six months): Weak Positive

Hexaware Technologies (HEXAWARE.NS) Close: 312.40
There has been a fall of over 25 per cent in Hexaware Technologies since the price broke down from the uptrend channel and the double top formation in the medium term chart.
The stock has broken multiple support levels and is now trading below its support at 330 rupees. Next support is not seen before 260 rupees in the medium term graph. In case of a reaction up, there is resistance around 330 and then at 390 rupees respectively.
RSI below 30 shows that the momentum of the stock is strongly negative in the short term. Investor have steadily reduced the price to sell the stock, which indicates increasing pessimism and continued falling prices.
Investtech's outlook (one to six months): Negative

The analyses are based on closing price as per November 7, 2018. Maintaining proper stop loss is always recommended.