Technical Recommendations

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HCL Technologies Ltd.

  • This stock is currently trading around `1127 and consolidated in a range between `704 and `1125 between 2014 and 2019 and is now breaking out of the range suggesting strong upside from current levels.
  • The stock is trading smoothly above its 5, 10, 20, 50 and 200 day simple and EMA.
  • Coming to indicators the ADX, MACD and Parabolic SAR have all triggered a buy signal on daily, weekly and monthly charts.
  • We recommend buying the stock at `1127 with target of `1185 and `1255 achievable within the next 30 and 60 sessions respectively using a stop loss of `1070.

Technical Recommendations 1

 

Oil and Natural Gas Corporation Ltd.

  • ONGC Ltd., trading around `166, has formed a double bottom at `127.60 earlier this year on monthly charts taking support at the low of 2016 and started rising gradually.
  • The stock is now 30% above its 52 weeks low and trading above its 5, 10, 20, 50, 100, 200 day simple and EMA on daily chart.
  • Indicators like ADX, MACD and Parabolic SAR have triggered a buy signal on daily and weekly charts.
  • We recommend buying at `166 with targets of `185 and `212 achievable within the next 45 sessions and 90 sessions respectively using a stop loss of `153.

Technical Recommendations 2

About the author: IE&M Team
Indian Economy & Market is an Indian media and information platform producing data-backed news and analysis on all the vital elements at the intersection of the economy, stock markets, mutual fund, insurance, commodities, currency, technology, startups and business.

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