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Investtech Indices
Recent breakouts in three stocks, short term opportunity
Published March 27, 2019
Yesterday was a positive day for the Indian stock markets and the index Nifty 50 rose by 1.14 per cent to close at 11483 points. It has been a positive month for the markets where a gain of 5.7 per cent has been noted for the index.
Many stocks are making all time highs and some are giving fresh positive price breakouts either from a price formation or ditching the falling trend channel and making higher tops and higher bottoms. These breakouts can either turn out to be a boon which can result in handsome returns, or may be a short term play only to rake in investors. Hence like we always suggest, one must be cautious, be awake and always maintain a stop loss only to avoid any sharp drawdowns. After all, it's your own hard earned money.
Mahanagar Gas Limited (MGL.NS) Close: 999.75
Mahanagar Gas Limited has broken out of a rectangle formation in the medium term and a double bottom formation in the long term chart. Since March last year the price was swinging between support at 785 rupees and resistance at 970 level. The buyers finally decided to take a step forward and take the price above resistance. The stock is now inside a rising trend channel. Further rise in price is anticipated.
Momentum is positive and strong as the RSI-value is over 70, which suggests that the rate of rise in price relative to its price in the past is higher. Volume balance is also positive, indicating that buyers are aggressive while sellers are passive.
The stock has support at 966 rupees in the short term chart while resistance is around 1048 and 1280 levels.
Recommendation one to six months: Positive
Trent Limited (TRENT.NS) Close: 374.80
Trent Limited is inside a rising trend channel in all time frames; short, 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 positive signal from rectangle formation both in the medium and long term charts by a break up through the resistance at 362. Further rise to 420 or more is signalled. There is support around 360 and 351 area.
Last week the price tested the same level and has started to turn back on the positive side. This is a positive sign. The recent price action has been supported by positive volume balance and rising momentum. The stock is overall assessed as technically positive for the medium long term.
Volume in the stock varies from time to time, hence one must be careful with regards to the quantity.
Recommendation one to six months: Positive
Can Fin Homes Limited (CANFINHOME.NS) Close: 335.35
Can Fin Homes Limited has broken out of the falling trend channel and resistance level of 293 in the medium term. The stock has risen sharply in the past two months and has given a buy signal from a rectangle formation recently. Further rise to 384 or more is signalled. Next resistance is at 434 rupees while support is around 293.
RSI is above 70 after a good price increase the past weeks. The stock has strong positive momentum and further increase is indicated. The volume balance indicator is also positive, as more buyers have bought the stock at rising prices and the number of sellers has decreased when the stock reacted downwards. The stock is overall assessed as technically slightly positive for the short to medium term.
Recommendation one to six months: Positive
The analyses are based on closing price as per March 26, 2019. Maintaining proper stop loss is always recommended.
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Archive:
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
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
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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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