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Investtech Indices
Buying opportunity: Reversing from trend channel support
Published January 30, 2019
The broader index Nifty 50 closed almost flat on Tuesday at 10652 points. However, the index gave a negative signal from a double top formation by the break down through support at 10672. Further fall to 10388 or lower is signaled. The index has support at points 10460 and resistance at points 11000.
We have found an interesting opportunity in one of our Top 50 stocks.
Praj Industries Limited (PRAJIND.NS) Close: 129.70
Praj Industries Limited 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.
The stock price, both in the medium and long term tried to break out of the higher trend channel line but reverted back and took support at the bottom of the rising trend channel. There is now a near term resistance at 154 and support at 118. Major support is around 102 and 100 levels.
Volume has previously been high at price tops and low at price bottoms. Volume balance is also positive, which strengthens the trend. The stock is overall assessed as technically positive for the medium term.
The stock has been swinging over 22 percent on a yearly basis, hence the volatility risk is high.
Recommendation one to six months: Positive
The analyses are based on closing price as per January 29, 2019. Maintaining proper stop loss is always recommended.
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Archive:
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
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
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
"Investtech analyserar psykologin i marknaden och ger dig konkreta tradingförslag varje dag."
Partner & Senior Advisor - Investtech
Investtech garanterar inte fullständigheten eller korrektheten av analyserna. Eventuell exponering utifrån de råd / signaler som framkommer i analyserna görs helt och fullt på den enskilda investerarens räkning och risk. Investtech är inte ansvarig för någon form för förlust, varken direkt eller indirekt, som uppstår som en följd av att ha använt Investtechs analyser. Upplysningar om eventuella intressekonflikter kommer alltid att framgå av investeringsrekommendationen. Ytterligare information om Investtechs analyser finns på infosidan.
Investtech garanterar inte fullständigheten eller korrektheten av analyserna. Eventuell exponering utifrån de råd / signaler som framkommer i analyserna görs helt och fullt på den enskilda investerarens räkning och risk. Investtech är inte ansvarig för någon form för förlust, varken direkt eller indirekt, som uppstår som en följd av att ha använt Investtechs analyser. Upplysningar om eventuella intressekonflikter kommer alltid att framgå av investeringsrekommendationen. Ytterligare information om Investtechs analyser finns på infosidan.
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