In last four months, Graphite India has been forming a good accumulation pattern, which is now about to get matured soon. If we meticulously observe the daily chart, we can see upward rallies on higher volumes and declines on much lower volumes.
Sameet Chavan
April 11, 2022 / 06:31 AM IST
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// else // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exists in your watchlist’); // //} } //$ (‘.accdiv’).html(”); //$ (‘.accdiv’).html(appndStr); } }, //complete:function(d){ // if(typparam1==1) // { // watchlist_popup(‘open’); // } //} }); }); } else { var disNam =’stock’; if($ (‘#impact_option’).html()==’STOCKS’) disNam =’stock’; if($ (‘#impact_option’).html()==’MUTUAL FUNDS’) disNam =’mutual fund’; if($ (‘#impact_option’).html()==’COMMODITIES’) disNam =’commodity’; alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; //$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); glbbid=v.id; } }); } }); } else { AFTERLOGINCALLBACK = ‘pcSavePort(‘+param+’, ‘+call_pg+’, ‘+dispId+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function commonPopRHS(e) { /*var t = ($ (window).height() – $ (“#” + e).height()) / 2 + $ (window).scrollTop(); var n = ($ (window).width() – $ (“#” + e).width()) / 2 + $ (window).scrollLeft(); $ (“#” + e).css({ position: “absolute”, top: t, left: n }); $ (“#lightbox_cb,#” + e).fadeIn(300); $ (“#lightbox_cb”).remove(); $ (“body”).append(”); $ (“#lightbox_cb”).css({ filter: “alpha(opacity=80)” }).fadeIn()*/ $ (“#myframe”).attr(‘src’,’https://accounts.moneycontrol.com/mclogin/?d=2′); $ (“#LoginModal”).modal(); } function overlay(n) { document.getElementById(‘back’).style.width = document.body.clientWidth + “px”; document.getElementById(‘back’).style.height = document.body.clientHeight +”px”; document.getElementById(‘back’).style.display = ‘block’; jQuery.fn.center = function () { this.css(“position”,”absolute”); 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Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel One
On last Monday, the news flow with respect to the merger of two giant companies, HDFC and HDFC Bank resulted in a complete gush in these heavyweights and then a rub-off of this was seen across the broader market. In this process, the key indices, Nifty and Bank Nifty, just took off right from the word go.
However, on the following sessions, the momentum fizzled out and as a result, the key indices witnessed a decent profit-booking for three consecutive sessions. Fortunately, on Friday, markets recovered from key levels to conclude the week a tad below 17,800.
It has been an eventful week (April 4-8) for our markets, specifically because it started with a bang due to the HDFC twins’ merger news and then on the last day, the RBI monetary policy became the show-stopper. Although the way market kicked off on last Monday, the following sessions were not up to the mark. After giving a single day abnormal surge, both these stocks witnessed a decent profit booking thereafter. Fortunately, post the monetary policy, market took it positively and ended the week slightly inside the safe terrain.
For the coming week, 17,600 followed by 17,400 are likely to provide some cushion for the index and till the time, we do not close below these key levels, we would continue with our ‘Buy on decline’ strategy.
On the flipside, the first sign of strength would be visible after surpassing the 17,900 mark.
Despite some mid-week hiccups, we managed to defend key supports and going by the famous phrase ‘All’s well that ends well’, we must look at the optimistic close.
The coming week is likely to be the truncated one and hence, do not expect any big bang moves in key indices. The upside as of now looks limited for the week towards 18,000 – 18,100. But the way broader market kept buzzing in the challenging phase last week as well, one must continue to focus outside the index.
Here are two buy calls for short term:
Graphite India: Buy | LTP: Rs 569.30 | Stop-Loss: Rs 544 | Target: Rs 614 | Return: 8 percent
In last four months, this stock has been forming a good accumulation pattern, which is now about to get matured soon. If we meticulously observe the daily chart, we can see upward rallies on higher volumes and declines on much lower volumes.
During the last mid-week, stock prices finally managed to pierce the ‘200-day SMA’ after October 2021. It has not only surpassed it but also stayed higher for three consecutive days. In addition, the upward sloping momentum oscillator is a sign of further strength. We recommend buying this stock for a trading target of Rs.614. The stop loss can be placed at Rs.544.
SBI Life Insurance Company: Buy | LTP: Rs 1,160.45 | Stop-Loss: Rs 1,120 | Target: Rs 1,210 | Return: 4 percent
This one of the outperforming stocks within the life insurance place, has undergone a decent price as well as time wise correction in recent months. All this while, it was lingering below 200-day SMA (simple moving average – Rs 1,145), which is a sign of weakness.
On Friday, the prices suddenly took off and, in the process, thrashed all its intermediate hurdles one after another. Since the price breakout has come on more than average daily volumes, we expect stock to continue its northward trajectory in the coming week.
Traders can look to buy on a small decline for a near term target of Rs 1,210. The stop-loss can be placed at Rs 1,120.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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