AstraZeneca - a Pill for profits

AstraZeneca has broken out from the horizontal channel, BULLS ARE IN CONTROL. The horizontal breakout has a target of 1950 on the upper side. 

The volumes have grown substantially in the last 2 days of trading pointing to the fact that people are expecting prices to rise further. 

Other technical indicators are also confirming the bullish move in Astra

Parabolic SAR has crossed below the price which again denotes buy side moves

MACD signal line has crossed the MACD line which recommends us to take buy side postions 

ADX is also rising and DI+ has crossed DI- which indicates the uptrend

Plan of action- Buy around 1760-70 with a stoploss of 1725
TARGET -1850 , TARGET2-1950 

Deepika Solanki, Technical Analyst
Team TopdataIndia

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Tata Power - Lights on or Lights off

On the weekly charts of tata power, we can see the formation of symmetrical triangle.

A symmetrical triangle is generally regarded as a period of consolidation before the price moves beyond one of the identified trend lines. A break below the lower trend line is used by technical traders to signal a move lower, while a break above the upper trend line signals the beginning of a move upward. 

The formation is in place but the breakout is yet to happen so we will advise you to take a position only on the confirmed breakout of these trend lines and as a confirmation sharp increase in volume at the time of breakout will strengthen our report


PLAN OF ACTION : 
BUY Tata Power above 102SELL Tata Power below 91Targets and stoploss will be given later once the breakout is confirmedPlease follow this blog as we will revise the breakout levels if time passes by

Heeta Luthra, Technical Analyst

Team TopdataIndia

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ZEE - Bears are coming to learn

A clear negative divergence in the price and RSI is visible on the charts. The prices of ZEE are moving up while the RSI is making lower tops, technically the upside in ZEE will loose momentum and retrace to previous supports.
Together with divergence today the candles patterns have given a clear verdict for fall. After a small doji like formation, ZEE fell breached the lows of the last 2 trading sesions. A volume analysis on the last 3 days show that on 16th Aug 12 trading ZEE recorded the highest volumes in comparison to the last few days of trading. This adds more weight to our bearish view on ZEE for the next couple of weeks.

ACTION - Sell on rise with a SL of 175.5. Target 161   

Heeta Luthra, Technical Analyst
Team TopdataIndia

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Dark Clouds Hovering on Bajaj Finserv

The meteoric rise from 750 to 950 in just a week seems to be coming to an end. A Dark Could pattern can be seen on the charts which in conjunction with a highly over bought RSI level will drag the prices of Bajaj Finserv down in the coming days. A short term support exists at 855 levels which is the most likely target of this fall. And an extreme target of 765 also cannot be ruled out. Short term traders with a perspective of 2-3 weeks should look to sell on rise with a SL of 955 and long term traders should exit and stay in cash and wait for the retracement to complete


Action : Short below 910 for a target of 855 with a SL of 955
  
DURATION : 2-3 weeks

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Deepika Solanki, Technical Analyst
Team TopdataIndia

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ACC - Rainy Days Ahead

ACC seems to loosing steam and yesterday it gave the first reversal signals at the top range. There is an evening star candle formation which is supported by a good rise and RSI levels above 70.

There is another interesting development happening on the charts of ACC, the trading from 1100 levels from June 12 is in the form of a rising wedge. A rising wedge is a bearish formation and will trigger a fall. This formation is confirmed if acc trades below 1320 in the next week 

Action : Short below 1335 for a target of 1275. Build your short positions again if ACC trades below 1320
  
DURATION : 2-3 weeks


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Deepika Solanki, Technical Analyst
Team TopdataIndia

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Swing Sell - M&M Finance

The doji formation with 2 small days are at the top are indicating trend reversal after a  bullish rally. If M&M Fin breaches below 773 the lower level of shooting star we can take a short trade.
The RSI at these levels is stretched and in the over bought zone. Bollinger Bands too have opened wide with prices trading outside the band. Both these indicators suggest a sideways to bearish movements in the next couple of days.


ACTION : SELL M&M Fin CMP 780 TGT1 715 SL 805

DURATION : 1-2 weeks

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Deepika Solanki, Technical Analyst
Team TopdataIndia

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Swing Buy - BankIndia

Bank Of India as on 14th August 2012

Undoubtedly the trend of Bank of India is down,but at this point we have started getting signals of the trend reversal. After a spinning top doji at the bottom, Today we have traded above the high of the spinning top doji and closed above it too. 

A spinning top doji can occur at the tops and bottoms also and This candlestick formation suggests indecision and wreaking on the prevailing trend

RSI is in the highly oversold zone and in the last 2 trading sessions has bounced back from its recent lows again adding confidence to the idea of the prices of Bank Of India moving towards 300.

ACTION : BUY BOI CMP 275 TGT1 285 TGT2 302,SL 271

DURATION : 3-4 days

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Heeta Luthra, Technical Analyst

Team TopdataIndia

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