Pick of the Week from Edelweiss

by khalid on 07/02/2011 · 0 comments

Brokerage house Edelweiss has recomended the following stocks for the week ( 7th Feb 2011 to 11th Feb 2011) :-

1. Mahindra & Mahindra :- After making a high of 719, stock face selling pressure on higher levels and it fell sharply. On the daily chart stock broke its 200DEMA with huge volumes. Beside this on the daily chart stock is continuously making lower top and lower bottom which further indicates weakness in the stock. Oscillator on daily chart continues their downside trend. Short Selling is recommended at CMP of Rs 669 with target of Rs 600 and stop loss of Rs 720.30.

2. HCL Technologies :- Since last few trading session stock is continuously facing resistance in the range of 503-515 levels. Stock witnessed selling pressure during last trading session and had generated breakdown of the neckline of the Head & Shoulder pattern, which was placed at 486 with huge volumes, beside this it also broke the support of 20DEMA which was placed at 486 levels. All this observations going forward indicates weakness in the stock. Beside this oscillator on daily chart continues their downside trend as well as ADX had gave a sell signal on the daily chart. Short Selling is recommended at CMP of Rs 482 with target of Rs 442 and stop loss of Rs 503.60

3. Reliance Communications :- On the daily chart stock broke its strong support of 119 with huge volumes. Beside this on the daily and weekly chart stock is continuously making lower top and lower bottom, which further indicates weakness in the stock. Oscillator on daily chart continues their downside trend. Short Selling is recommended at CMP of Rs 115.2 with target of Rs 103 and stop loss of Rs 121.60.

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