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Double Bottom

Oriental Bank of Commerce - Double BottomAfter being hammered since almost a month (June 13), looks like some buying interest is coming back to PSU banks. I can see that Oriental Bank of Commerce NSE:ORIENTBANK has formed a Double Bottom around 71 levels with a positive RSI divergence. Looks like the stock is slowly moving towards the first target of 86.75 . Good opportunity for option writers here with a stop loss of 69. Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
OLong
by nano6yogesh
1
Nifty Metal – Temporary Bottom in place ?After a long downtrend from 4300 levels, looks like Nifty Metal index NSE:CNXMETAL has managed to get some support at least temporarily at 3320 levels. It will be interesting to see what happens at the trendline resistance which is currently around 3700 levels. I can see a Double Bottom here with positive divergence and also a Morning Star formation. Good opportunity to go long on metal stocks like Tata Steel, Hindustan Zinc which are showing a similar pattern, with a small stop loss. Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
CLong
by nano6yogesh
Tata Steel – All set to rally ?After a long downtrend from 750 levels in Jan end, looks like we have a bottom in place for Tata Steel NSE:TATASTEEL at around 537 levels. I can see a Double Bottom here with positive RSI Divergence. It remains to be seen what happens at the trendline resistance which at present is around 583 levels. I expect the stock to reach at least 610 for a first target. Good opportunity to go long with stop loss at 535. Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
NSE:TATASTEELLong
by nano6yogesh
Oil Marketing Companies (OMCs) – Bottom in place?The Bear onslaught on Oil Marketing Companies (OMCs) has been going on for a long time now. However, with Crude starting to come down we may see some buying interest coming back to these stocks. Rupee is also at one of the lowest levels against Dollar, so a bounce back there may further help cut Oil Marketing Companies’ Losses. I can see the price making a lower bottom here with rising RSI showing a positive Divergence. Good opportunity to buy HPCL NSE:HINDPETRO with a small stop loss for a first target around 327 levels. Similar structure can be observed for other stocks like BPCL and IOC. Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
NSE:HINDPETROLong
by nano6yogesh
Infratel - Double BottomBharti Infratel NSE:INFRATEL stock is doing good for the past few days in a falling market and has shown a sharp reversal from the 308-311 support zone. I can see a double bottom formation here with a positive divergence. Good opportunity to buy this stock for the near term with a target of around 350 and stop loss a few points below 308. Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
ILong
by nano6yogesh
Lupin – Double BottomLupin NSE:LUPIN came up with better than expected numbers (operational performance) yesterday and the stock saw good buying activity today. I can see a double bottom formation here with a positive divergence along with today’s bullish candle. Good opportunity to go long with a stop loss near ~ 720 levels and first target of around 815. Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
NSE:LUPINLong
by nano6yogesh
Gelnmark – Double BottomAs mentioned yesterday, a reversal in pharma seems around the corner. The stock has formed a good Double bottom with divergence and a large Bullish candle indicating that Buying Momentum is picking up. Good opportunity to go long with a stop loss near ~ 500 levels for a target of ~ 582. (However, keep an eye on the results) Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
NSE:GLENMARKLong
by nano6yogesh
Tata Motors - LongTata Motors has been on a bearish run since 2017 correcting from 550 levels, nearly 40%. The stock has taken support on the major trend line which it has been following since 2011. The stock had seen bounce back from the same trend line at 326 levels in April and has seen similar bounce at same levels. One can go long with Target of 342/352/360, Keeping Stop Loss at 325. The stock is also seen forming a double bottom formation which can take the stock to 370 before reversal or break out. Break Out can further take the price around 399/400 levels.
NSE:TATAMOTORSLong
by geettanna
3