SBI, Ashok Leyland, ACC, IRCTC, Aurobindo Pharma: Technical Analysis for traders in top stocks
Ashis Biswas, Head of Technical Research at CapitalVia Global Research has revealed trading strategies in SBI, Ashok Leyland, ACC, IRCTC and Aurobindo Pharma. Ashis has highlighted the reason for the trade and also mentioned the stop-loss in these counters. This will help the readers to understand the reasons involved and trade accordingly. Targets and stop-losses on the counter will help them to book profits and losses at timely intervals
SBI has been trading in an upward trend, and the positive momentum is likely to continue
SBI Share price:
SBI has been trading in an upward trend, and the positive momentum is likely to continue. Ashis expects a bounce-back in the stock from the lower band of an uptrend channel coincides with the support of 55 DMA. Ashis recommends a buy on SBI above Rs 365. He expects the stock to gain momentum and advise to maintain the Target of Rs 430 with a Stop Loss of Rs 340 for a short-term period
Ashok Leyland is currently moving in an uptrend channel
Ashok Leyland share price:
Ashok Leyland is currently moving in an uptrend channel. It has been trading above both its short-term and medium-term moving averages, indicating a positive outlook on the stock. Ashis has observed RSI to trade hover around its short-term oversold zone, indicating a potential reversal in the coming days. Ashis recommends a buy with a target of Rs 134 with a Stop Loss of Rs 105 for a medium-term perspective.
ACC can see Target of Rs 1980 with stop loss of Rs 1835
ACC Share price:
ACC has broken its all-time high recently. The stock has picked up momentum since then, and Ashis has observed momentum indicators like MACD and RSI, indicating that the momentum in the stock is likely to continue. Ashis recommends a buy on ACC with the Target of Rs 1980. Investors are advised to maintain a Stop Loss of Rs 1835.
IRCTC to reach the short-term target of Rs 1950 with a Stop Loss of Rs 1690 for a medium-term period
IRCTC Share price:
Ashis has observed the stock to correct its previous up move after hitting its all-time high this month of March 2021. It is currently trading near the support of 55 DMA, and we can expect a bounce from the same. Ashis recommends a buy on IRCTC on a breakout above Rs 1780. Ashis expects the stock to reach the short-term target of Rs 1950 with a Stop Loss of Rs 1690 for a medium-term period.
The stock expects a Target of Rs 1020 from a medium-term perspective with a Stop Loss of Rs 790
Aurobindo Pharma share price:
The stock is trading above 200EMA, indicating that the stock's positive long-term trend is likely to continue. Recently Aurobindo Pharma has bounced back from the short-term support of 50 DMA and is currently trading into a rising channel. Ashis recommends a buy above Rs 875. Ashis expects a Target of Rs 1020 from a medium-term perspective with a Stop Loss of Rs 790.