ONGC On Bull Run Post Update Of Subsidiary Approving Plans For Golfinho-Atum Field Development

Shares of ONGC ltd today saw over 1% gain in value as Videsh Limited, a wholly-owned subsidiary of the Company, has announced the approval of the development plan for Golfinho-Atum field in the Rovuma Area 1 Offshore Block in Mozambique. The scrip today reached an intra-day high of 181.70 in NSE & closed at 178.90 with 1.91% increase in value.

Bill william’s alligator indicator which is used to predict formation of new trend has formed awakening pattern in intra-day charts as the scrip opened with bull gap for the day and continued moving in upward direction. However the indicator still maintains bearish indications for the scrip across daily & weekly charts suggesting possibility for continued price growth during tomorrow’s trading session but slight range bound momentum in trading sessions to come in near future.

Parabolic SAR indicator which is used to identify good points of entry and exit in ongoing trends has formed also formed uptrend indications in intra-day charts while maintaining bearish indications across daily & weekly charts supportive of range bound performance in near future trading sessions.

RSI indicator which is used to measure momentum of stock based on speed of change in price regardless of direction of trend is currently in range of 34 to 55 with signal line maintaining a stable position well inside neutral zone also supports possibility for range bound performance as signal line has not inclines towards either oversold or overbought region. Expected support and resistance values for the stock are at 173.55 & 184.33 respectively.

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Mahindra Shares on Bull Momentum As Bolero Was Announced To be Among Top 10 Passenger Cars of February 2018

Shares of Mahindra & Mahindra Ltd today saw uptrend growth as Bolero takes a place among list of top 10 passenger cars for month of February 2018 made by financial express based on number of units sold. The scrip reached an intra-day high of 750.75 and is currently trading at 745.85 per share with 0.66% increase in value. Bill William’s Alligator indicator which is used to predict formation of new trend and Parabolic SAR indicator which is used to predict good points of entry and exit in ongoing trend have both formed uptrend indication across intra-day charts supportive of continued uptrend price growth in near future trading sessions. RSI indicator which is used to calculate momentum of stock based on speed of change in stock price regardless of direction in which the price moves is currently in range of 50 to 57 with signal line moving towards oversold region also supportive of bullish stock price growth in near future trading sessions. Expected support & resistance values for the stock are at 722.90 & 754.50 respectively.

 

 

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Axis Bank Shares Continue Uptrend Movement Despite News of Bank Fraud

Shares of Axis Bank today saw over 1% increase in value during intra-day trading session and has maintained uptrend momentum for last two trading session despite new update of Axis Bank being defrauded form more than 200 crores. In the last month 4 cases similar to PNB fraud case has surfaced and news of axis bank losing funds in once such case is the latest news in market. Despite this negative sentiment prevailing in market the scrip has manged to move on uptrend momentum for last two trading sessions.

Bill William’s Alligator indicator which is used to predict formation of new trend has formed awakening pattern in intra-day min charts while 4 hour, daily & weekly charts maintain bearish indications suggestive of possibilities for scrip making range bound movement in trading sessions to come. Parabolic SAR indicator which is used to predict good points of entry and exit in ongoing trend has formed uptrend indication across intra-day charts which supports possibility for uptrend movement in trading sessions to come this week.

RSI indicator which is used to calculate momentum of stock based on speed of change in stock price regardless of direction in which the price moves is currently in range of 47 to 63 with signal line moving towards oversold region also supportive of bullish stock price growth in near future trading sessions. Expected support & resistance values for the stock are at 500.09 & 557.38 respectively.

 

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UPL Ltd to Make Range-bound Movement as Market Moves Back Uptrend

Shares of UPL ltd today saw over 1% rise in value today as overall market sentiment turns bullish. The scrip today opened in NSE with bull gap & reached intra-day high of 717.35, closing for the day at 713.30 with 1.60% increase in value. Bill william’s alligator indicator which is used to predict formation of new trend has formed awakening pattern in min charts while hourly, weekly and monthly charts continue to show bearish indications. Similarly Parabolic SAR indicator which is used to predict good points of entry and exit in ongoing trends have also formed uptrend indication across intra-day charts while maintaining bearish indication across daily and weekly charts supportive of a range bound price movement in near future trading sessions.  RSI indicator which is used to momentum of stock based on speed of change in price of stock regardless of direction in which the price moves has formed a straight line well in middle of neutral zone with no immediate indication of change in momentum in any direction. Expected support and resistance for the stock are at 698.70 & 725.02 respectively.

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NTPC on Bull Run As The Company Initiates Sale of Bonds Worth $400 Million

Shares of NTPC ltd today saw over 1% increase in value. The stock has been on bull run recently as the company initiated its sale of 10 year dollar denomination bonds worth over $400 million and while it did see some correction in trading sessions last week it has managed spring back up onto bullish climb which suggests possibility of strong positive market sentiment for the stock among intra-day and short term traders. Bill William’s Alligator indicator which is used to predict formation of new trend has formed awakening pattern across intra-day and charts supportive of possibility for strong uptrend price movement in trading sessions to come this week.

Parabolic SAR indicator which is used to predict good points of entry and exit in ongoing trend has also formed uptrend indication across intra-day and daily chart supporting strong possibility of price movement in upwards direction in trading sessions to come this week. RSI indicator which is used to momentum of stock based on speed of change in price of stock regardless of direction in which the price moves is well in neutral region with major movement in range of 51 to 57 with no major upward or downward incline in signal line well in neutral zone which looks supportive of bullish price momentum. Expected support and resistance for the stock are at 160.04 & 172.72 respectively.

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HUL Stocks On Bull Run As Company Makes Move To Transfer Funds From Gen Reserve To P&L Account

Shares of HUL today saw over 1% increase in value despite bear’s grip on overall market momentum. This bull run occurs as company takes steps to move over 2000 crores INR from general reserve to profit/loss account which is expected to reflect as better dividends to share holders. The scrip today closed for the day in NSE at 1,312.00 with 0.99% increase in value. Bill William’s Alligator indicator which is used to predict formation of new trend has formed awakening pattern across intra-day charts while daily, weekly charts maintain bearish indication suggesting possibility of range bound momentum with slight bullish incline in price movement in trading sessions to come.

Parabolic SAR indicator which is used to predict good points of entry and exit in ongoing trend has also formed uptrend indication across intra-day charts suggesting possibility of price movement in upwards direction in trading sessions to come this week. RSI indicator which is used to momentum of stock based on speed of change in price of stock regardless of direction in which the price moves is well in neutral region with major movement in range of 46 to 60 and the signal line continues to move in neutral zone with slight upward incline also supporting possibility of range bound momentum with bullish influence in price movement in trading sessions to come in near future. Expected support and resistance values for the stock are at 1281.10 &  1338.59 respectively.

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Canara Bank Technical Analysis 16.03.218

Shares of Canara bank was on bull run during today’s trading sessions despite bear’s grip on over all market. The share saw nearly 2% increase in value during intra-day reaching as high as 272.65 in NSE and closed for the day at 268.50 with 1.53% increase in value. Bill William’s alligator indicator which is used to identify formation of a new trend has maintained bullish indications for last five consecutive trading sessions across intra-day charts supportive of continued uptrend price growth in near future trading session. However daily, weekly and monthly charts maintain bearish pattern suggestive of possible bearish momentum in near futre trading sessions.

Parabolic SAR indicator which is used to predict good points for entry and exit in ongoing trend has formed mixed indications across intra-day charts with min charts seeing bearish indications while hourly charts have bullish indications. Daily, weekly & hourly charts have also maintained bearish indications suggesting possibility for range bound performance in near future trading sessions.

RSI indicator which is used to predict momentum of stock based on speed of change in stock price regardless of direction in which the price moves is currently in a range of 37 to 65 with signal line remaining well inside neutral zone also supportive of range bound performance in trading sessions to come this week. Expected support and resistance values for the stock are at 224.75 & 303.27 respectively.

 

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Allahabad Bank Up 0.50% Post Update on Loan Sanction For 1003 Crores To Various MSME Concerns

Shares of Allahabad Bank today saw over 0.50% increase in value during intra-day session with the scrip in NSE hitting as high as 53.55 and closed for the day at 51.30 with 0.59% increase in value. The stock has managed to maintain uptrend momentum across the week and this positive sentiment was supported by update from bank on sanction of loans for various MSME concerns amounting to nearly 1003 crores.

Bill William’s alligator indicator which is used to identify formation of a new trend has maintained bullish indications for last five consecutive trading sessions across intra-day charts and daily charts supportive of continued uptrend price growth in near future trading sessions. Similarly Parabolic SAR indicator which is used to identify good points of entry and exit points in ongoing trend has also formed uptrend indication across intra-day charts supportive of continued bullish price growth.

RSI indicator which is used to predict momentum of stock based on speed of change in stock price regardless of direction in which the price moves is currently in a range of 35 to 58 with an upward curve as signal line heads in direction of oversold region. However there was news update today which showed that the bank had exposure for nearly 2000 crores in PNB Nirav Modi scam by way of Letter of Undertakings and this is expected to put a break in stocks existing momentum which may lead to range bound stock performance as trading opens coming monday. Expected support and resistance for the stock are at 43.53 & 58.04 respectively.3

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Ajanta Pharma Stocks Up 2% Post USFDA Inspection With No Issue of Form 483

Shares of Ajanta Pharma today went on a bull run with over 2% increase in value despite market’s overall bull run. The company’s stock has been on bull run since an announcement was made by the company post inspection from USFDA with no issue of form 483 which has created a positive image in current times when most rival pharmaceuticals have received warnings and reviews on their manufacturing units for non compliance with FDA drug safety terms.

Bill William’s alligator indicator which is used to identify formation of a new trend has maintained bullish indications for last five consecutive trading sessions across intra-day charts and daily charts supportive of continued uptrend price growth in near future trading sessions. Similarly Parabolic SAR indicator which is used to identify good points of entry and exit points in ongoing trend has also formed uptrend indication across intra-day charts supportive of continued bullish price growth.

RSI indicator which is used to predict momentum of stock based on speed of change in stock price regardless of direction in which the price moves is currently in a range of 59 to 74 with signal in longer time frames moving well in normal zone suggesting possibility for slow down in bullish momentum during next week and chance for range bound stock performance. Expected support and resistance for the stock are at 1312.86 & 1439.69 respectively.

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Yes Bank Technical Analysis : 14.03.2018

Shares of Yes Bank today saw over 2% increase in value during intra-day trading session. The scrip is currently trading in NSE at 320.65 per share with 2.51% increase in value. Bill Williams Alligator indicator which is used to predict formation of new uptrend movement has formed uptrend indication in intra-day charts while maintaining downtrend indication in daily, weekly and monthly charts suggesting possibility for range bound performance in near future.

Parabolic SAR indicator which is used to identify good points of entry and exit in ongoing trend has also formed bullish indication in intra-day charts suggesting possibility of upward growth in stock price in trading sessions to come this week. RSI indicator which is used to predict momentum of stock based on speed of change in price regardless of direction of price movement is currently in range of 42 to 67 and continues to move upward towards oversold region supporting possibility of continued uptrend price movement in trading sessions to come this week. Expected support and resistance values for the stock are at 294.39 & 334.14 respectively.

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Titan Up 0.40% in Intra-day Trading Session

Shares of Titan Company Ltd have been trading uptrend across today’s morning trading session with over 0.60% increase in value. The stock is currently trading in NSE at 860 per share with 0.90% increase in value. Bill Williams Alligator indicator which is used to identify formation of a new trend has formed awakening pattern in intra-day charts and maintains bullish signs across monthly chart supportive of continued bullish momentum in long term and uptrend momentum in trading sessions to come this week. However the indicator has formed a downward curve with parallel lines moving across the candles in daily and weekly chart which supports possibility of slow down in current uptrend momentum of price which leads us to speculate possibility of range bound price movement across the month of march.

Parabolic SAR indicator which is used to predict good points of entry and exit in ongoing trends has also formed uptrend indication in intra-day charts supportive of continues uptrend growth in stock price during trading sessions to come this week. RSI indicator which is used to predict momentum of stock based on speed of change in price regardless of direction in which the price moves is currently in oversold region and continues to move upwards in a range of 57 to 75. Expected support and resistance for the stock are at 797.01 & 879.60 respectively.

 

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Infratel on Bull Momentum Over Positive Progress In Merger Plans With Indus Towers

Shares of Bharti Infratel today saw over 2% increase in value during intra-day trading session and closed for the day in NSE at 348.50 per share with 2.68% increase in value. Zig Zag indicator which is used to predict reversal in trend and Parabolic SAR indicator which is used to predict good points of entry and exit in an ongoing trend have both formed uptrend indications across intra-day and daily charts supportive of stable uptrend price growth in immediate and near future trading sessions. However the indicators continue to maintain bearish indications across weekly & monthly charts which leads to possibility for a range bound stock performance in trading session on long run during the month of March’18.

RSI indicator which is used to predict momentum of stock based on speed of change in stock price regardless of direction of price movement is currently in a range of 45 to 67 and continues to move upwards nearing oversold region across both intra-day, daily & weekly charts supportive of positive growth in stock value in near future trading sessions. Expected support and resistance values for the stock are at 324.34 & 352.04 respectively.

Image: one hour intra-day data from MCharts MT4 Platform

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Hindustan Petroleum Up 4% In Intra-day Trading Session

Shares of Hindustan Petroleum Ltd today saw over 4% increase in value during intra-day trading session. Zig Zag indicator which is used to predict reversal in trend and Parabolic SAR indicator which is used to predict good points of entry and exit in an ongoing trend have both formed uptrend indications across intra-day charts supportive of stable uptrend price growth in immediate and near future trading sessions. However the indicators continue to maintain bearish indications across daily, weekly & monthly charts which leads to possibility for a range bound stock performance in trading sessions to come. This strong bullish influence in market may be viewed as result of announcement from ONGC to sell its stake from OPAL to raise funds for acquisition of HPCL. The stock is currently trading in NSE at 382.90 per share with 4.20% increase in value.

RSI indicator which is used to predict momentum of stock based on speed of change in stock price regardless of direction of price movement is currently in a range of 44 to 73 and continues to move on stable uptrend course supportive of positive growth in stock value in near future trading sessions. Expected support and resistance values for the stock during trading sessions to come this week are at 353.55 & 395.15 respectively.

Image : one hour intra-day data from MCharts MT4 Platform

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Bharti Airtel Up 5% At E.O.D Post NCLT Approving Amalgamation Scheme For Telenor India With Airtel

Shares of Bharti Airtel Ltd today rose over 5% near E.O.D. The company was a major contributor towards nifty’s uptrend movement during today’s trading session. Some of the factors that contributed to the bull run of this scrip are approval from NCLT for amalgamation scheme between Telenor India Ltd & Airtel Ltd & Board’s approval to raise upto Rs 16,500 crore through a mix of privately placed non-convertible debentures (NCDs) and a foreign currency bonds float for conducting treasury operations, including refinancing of debt and spectrum liabilities.

Bill Williams alligator indicator and Parabolic SAR indicator which are used to identify formation of a new trend and good entry and exit points in an ongoing trend have both formed indication of  bullish momentum in intra-day charts supportive of short term growth in stock value, however daily & weekly charts continue to move downtrend which suggests possibility of range bound performance of the scrip during this week’s trading session with short term uptrend surge in momentum.

RSI indicator which is used to predict the momentum of stock based on speed of change in stock price is currently moving in range of 45 to 74 with signal line making a downtrend movement post moving well into oversold region across intra-day charts supportive of possibilities for range bound movement in near future trading sessions. Expected support and resistance for the stock are at 390.99 & 436.73 respectively.

Image : 30 min intra-day data from MCharts MT4 Platform

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ITC up 3% as Cess on Cigarettes Remain Unchanged

Shares of ITC ltd today saw over 3% increase in value during intra-day session as cess on cigarettes remained unchanged post GST council’s meet on 10.03.2018. ITC is currently trading in NSE at 266.45 per share with 2.78% increase in value. The stock opened for the day with a bull gap and has continued to move on stable uptrend momentum across the day’s entire trading session. Bill Williams alligator indicator and Parabolic SAR indicator which are used to identify formation of a new trend and good entry and exit points in an ongoing trend have both formed indication of  bullish momentum supportive of short term growth in stock value.

RSI indicator which is used to predict the momentum of stock based on speed of change in stock price is currently moving in range of 46 to 74 & continues to move in upward direction supportive of growth in stock price in near future trading sessions. Expected support and resistance for the stock are at 253.50 & 273.67 respectively.

Image : 1 hour intra-day data from MCharts MT4 Platform

 

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LIC Housing Finance: 12th March

The stock in both daily and weekly timeframes is showing signs of bottom out and is likely to move higher from these levels. If the stock ables to break out the higher falling trend line, it will be a bullish sign for the market. The stock has wiped out its whole uptrend and is currently at the 100 percent in Fibo scale. Its next resistance level will be at the Rs 588 level. The Stochastic, RSI and MACD technical indicators are all showing a massively oversold position of the stock. If it fails to hold the current level and drops further then it could reach towards its next support at the Rs 380 level.

Daily Chart

Weekly Chart

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BHEL Technical Analysis: 9th March

The stock has experienced a strong support at the Rs 83.80 level which is also the 61.8 percent in the Fibonacci scale of the long-term rally. The stock is expected to move higher from the present level and next resistance will be around Rs 91 and then at Rs 98. Clearance of which could send the prices much higher towards the Rs 120 level.

In the daily chart also, the stock has formed a hammer like a candle at the lows of the chart which indicates a trend reversal. Both stochastic and RSI are in the oversold zone and is starting to move higher. Alternatively, if the stock breaks below the current level, the next support will be around at Rs 77 and then at Rs 60.

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Apollo Tyres on Bull Run Post Announcement of Company’s Share Buy Back

Shares of Apollo Tyres ltd today saw over 1% increase in value during morning trading session. The company recently made an announcement regarding share buyback from open market during 1st week March’18, post which the market sentiment of the company has seen a positive response with share value on bull run. The share today hit intra-day high of 264.25 during morning trading session and is currently trading at 263.40 per share with 1.31% increase in value. Bill Williams alligator indicator which is used to predict formation of a new trend has formed awakening pattern in intra-day and daily charts strongly supporting continued growth of stock value in immediate and near future trading sessions.

Parabolic SAR indicator which is used to predict good points of entry and exit in an ongoing trend has also formed bullish indication across intra-day charts supporting possibility of bull momentum to continue in near future trading sessions. RSI indicator which is used to predict momentum of stock based on speed of change in stock price regardless of direction in which the stock price is moving is currently in a range of 50 to 69 and continues to move towards oversold region which supports possibility of continued bull momentum in near future trading sessions. Expected support and resistance for the stock are at 250.38 & 271.02 respectively.

Image : 30 min intra-day chart from MCharts MT4 Platform.

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Auro Pharma on Bull Run Despite Observations From FDA

Shares of Aurobindo Pharmaceuticals Ltd today saw over 1.5% increase in value during intra-day trading session. Market sentiment for Auro Pharma is currently divided post update from company about unit 4 getting over 9 observations from FDA, however the stock continues to maintain a stable bull run since trading session opened for the day. Bill Williams Alligator indicator has formed uptrend indication across intra-day charts suggesting possibility of continued uptrend momentum in near future trading sessions. Similarly Parabolic SAR indicator which is used to identify good points of entry and exit for ongoing trend has also formed uptrend indications supportive of short term growth in stock price.

However both trend indicators have formed downward pattern in daily & weekly chart suggesting possibility for range bound performance of stock during trading session to come next week over mixed market outlook on Auro Pharma. RSI indicator which is used to identify momentum of stock based on speed of change in stock price regardless of direction in which the price moves is currently in range of 36 to 59 and continues to move upwards towards oversold region which supports possibility of bullish growth in stock value in near future trading sessions. Expected support and resistance fro the stock are at 583.90 & 609.98 respectively.

Image : 30 min intra-day data from MCharts MT4 Platform

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ICICI Bank A Major Contributed to Nifty Bank’s Recovery from Bears Grip

Shares of ICICI bank ltd today saw over 3% increase in value during today’s trading session and was one of the three major stocks which helped Nifty Bank recover from bear’s grip. The share today reached an intra-day high of 290 per share and closed for the day at 296.95 with 3.58% increase in value in NSE. Bill Williams Alligator indicator has formed awakening pattern in intra-day charts which supports possibility of bullish growth in stock price in near future trading session. Similarly Parabolic SAR indicator which is used to predict good points to enter and exit ongoing trend has formed uptrend indication in intra-day charts which also supports upward growth of stock value in near future trading sessions.

RSI indicator which is used to predict the momentum of stock based on speed of change of stock price regardless of direction in which the stock moves is in range of 35 to 66 with no major indication of movement into either oversold or overbought zone which suggests that the stock will continue to see stable but slow long term growth in stock value. However the signal line has formed a downward hook pattern for intra-day charts which leads to possibility of range bound performance in immediate trading sessions to follow. Expected support and resistance for the stock are at 285.28 & 313.12 respectively.

Image : 30 min intra-day data from MCharts MT4 Platform

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SBI on Bull Run Influenced by Major Indices Recovering From Bear’s Grip

Shares of State Bank of India today saw over 4% increase in value as major indices and sectorial indices recover from recent steep bearish market decline.  The stock hit an intra-day high of 257.85 and is currently trading in NSE at 256.55 with 4.01% increase in value. Bill William’s Alligator indicator which is used to predict formation of new uptrend momentum has formed awakening pattern in intra-day charts indicating start of a bull trend. Parabolic SAR indicator which is used to predict good points of entry and exit in ongoing trend has similarly formed uptrend indication in intra-day charts supportive of continued price growth in near future trading sessions.

RSI indicator which is used to predict the momentum of stock based on speed of change in price regardless of direction of trend is currently moving in range of 35 to 48 in daily, weekly and monthly charts while intra-day chart sees the signal line move well into oversold region in a range of 69 to 78 and the signal line continues to move upward. This suggests possibility of growth in long term while near future trading sessions may face possibility of slight range bound stock performance. Expected support and resistance for the stock are at 244.22 & 260.69 respectively.

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Power Grid On Bull Run Post Announcement Of Interest Payment for Bond XXVI Issue.

Shares of Power Grid Ltd today saw over 0.35% increase in value post update from company over issue of 9.30% interest for “Bond XXVI” issued by the company. The stock in NSE today reached an intra-day high of 194 and closed for the day at 193.75 with 0.31% increase in value. Bill William’s Alligator indicator which is used to predict formation of a trend has started forming awakening pattern in intra-day and daily charts supporting possibility of uptrend growth in stock value. Similarly Parabolic SAR indicator which is used to predict good entry and exit points of ongoing trend has also formed uptrend indication in intra-day charts supportive of uptrend momentum in near future trading sessions.

RSI indicator which is used to predict the momentum stock based on speed of change in stock price regardless of direction of trend is currently moving in range of 42 to 56 and is continuing to move in upward direction which supports possibility of uptrend price movement to continue in trading sessions to come. Expected support and resistance for the stock are at 191.25 & 195.27 respectively.

image : 15 min intra-day charts  from MCharts MT4 Platform

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HCL Tech Rose 2% Over Partnership with Statkraft

Shares of HCL Technologies Ltd today saw over 2% increase in value post update from company over IT deal signed with Norway energy giant statkraft. The share hit an intra-day high of 952.80 and closed for the day at 949.55 per share in NSE. Bill William’s Alligator indicator which is used to predict formation of a trend and Parabolic SAR indicator which is used to predict good entry and exit points of ongoing trend have both formed uptrend indication across intra-day and daily charts supportive of further uptrend momentum.

RSI indicator which is used to predict the momentum stock based on speed of change in stock price regardless of direction of trend is currently moving in range of 52 to 58 across intraday, daily and weekly charts supporting possibility of growth in near future trading sessions. Expected support and resistance for the stock are at 934.89 & 958.54 respectively.

Image 30 min intra-day chart from MCharts MT4 Platform

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Shares of IOC on Bull Run Post Date Announcement For Issue Of Bonus Shares

Shares of Indian Oil Corporation today saw nearly 3% increase during trading session today in NSE with share price reaching as high as 329.80 per share. The share closed for the day at 382.20 with 0.78% increase in value and is currently on course correction post a bull spike on update from company over date for issuing bonus shares to eligible shareholders. Parabolic SAR indicator which is used to identify good entry and exit points of a trend has formed bearish indication across intra-day min & one hour chart and also weekly and monthly charts. Meanwhile Bill William’s alligator indicator has maintained awakening pattern across intra-day charts as well as while maintaining bearish pattern in weekly and monthly charts leading to possibility of bearish price movement in long term while the stock is expected to take range bound momentum across this week’s trading sessions.

Similarly RSI indicator which is used to measure the momentum of stock based on speed of change in price movement regardless of direction of trend is currently moving in range of 36 to 57 with stable momentum around 49 indicating no immediate change in price movement during trading sessions to come this week. Expected support and resistance for the stock are at 373.24 & 393.25 respectively.

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Tech Mahindra Made Over 3% Uptrend Growth Near E.O.D

Shares of Tech Mahindra Ltd which traded range bound for majority of today’s trading session influenced by overall bearish slide of market since trading session began for the day, saw over 3% increase during last hour of trading session as market saw slight recovery from bear’s grip. Bill William’s Alligator indicator which is used to identify the formation of new trend and Parabolic SAR indicator which is used to identify good points of entry and exit for ongoing trend have both formed uptrend indication in intra-day charts as well as daily charts supporting possibility of uptrend growth in trading sessions to come this week. The stock today touched a 54 week high at 634.90 per share in NSE as the stock saw a sudden bullish growth spurt near E.O.D.

RSI indicator which is used to identify strength of momentum based on speed of change in stock price regardless of direction of trend has moved into overbought region for intra-day charts in a range of 70 to 87 which leads to possibility of range bound performance when trading session opens tomorrow. However weekly and monthly charts continue to maintain uptrend indication supporting continued bullish momentum in near future trading sessions. Expected support and resistance for the stock are at 602.03 & 638.37 respectively.

Image : 30 min intra-day data from MCharts MT4 Platform

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