Technical Recommendations

Written by: IE&M Team

Published on: 04/05/2019

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.

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.

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.