Latest Technical Research 12 May 2020
Amara Raja Batteries Ltd. is trading in a narrow range.
Technical indicators are bullish if the price closes above the narrow range (578).
The next resistance is 630 and 100-day SMA (650). Support is 530 on the daily chart.
Adani Green Energy Ltd. closed above the resistance level.
Technical indicators are bullish.
Nearby resistance is swing high 243 & support is 206 on the Daily chart.
MOVING AVERAGES ANALYSIS
Balkrishna Industries Ltd. bounced from 200-day SMA and closed above 50-day SMA with good volumes.
If price trades above today's high (935), next resistance is 100-day SMA (993) and (1045)
Support is 880 on the Daily chart.
BSE Ltd. is consolidating in an Ascending Triangle pattern in the daily chart.
It is likely to see short term breakout above 394 and further momentum to be seen above the swing high of 408.
RSI is bouncing from mid 50-55 line and if RSI breaks above 62 level on the upside, it may result in positive failure swing in the stock.
Probable support in the near term comes at 369 and probable resistance post-breakout comes at 444 as of now. Keep a watch.
Larsen & Toubro Infotech Ltd.
Short term positive bias continues ahead of 100MA: (1666) & (1675) resistances.
It is important to keep in mind that the 100MA zone can act as strong resistance for the price.
RSI trying to hold 40 as support but until it is able to cross 50 and hold it strongly as support there is less chance for the upside momentum. Short term sell-off can pressurize the price to test 1600 and below that (1550) - 1530(50MA) - (1500).
DR REDDY - BEARISH TREND
ENTRY BETWEEN - 3895 - 3845
STOPLOSS - 3941
TARGET - 3713
RELIANCE - POSITIONAL (10 - 15 DAYS)
SELL BETWEEN - 1625 & 1575
WITH STOPLOSS - 1675
TARGET - UPTO 1365
ASIAN PAINTS LTD. - POSITIONAL (7 DAYS)
BUY BETWEEN - 1570 & 1597
WITH STOPLOSS - 1545
TARGET - 1690 & BEYOND