Wednesday, June 16, 2010

Stocks: LT, Sugar Stocks, Praj Industries, BHEL

In continuation with my previous post on Nifty (bullish) with Cup and Handle picture on Nifty anda target of approx 5508, I am posting stocks which are givng breakout, but can rally further.

LT: Inverted HnS (giant)
Is this an inverted HnS or what !!!!

Target is 2000, cmp is 1724 and SL would be 1680.

Sugar Stocks:
Looks like somebody found a bottom.

Bajaj Hind: - Cup and Handle and EMA Crossover:

There is a cup and handle structure on Bajaj Hind with a target of 130. Sugar seems to be goin up and sugar stocks are something to hold. 

Renuka Sugar:

Renuka Breakout today. Potential target of 80 with SL of 60

Praj Industries:
This is a possible breakout candidate. The stock has a very low ATR of 2.86. The bollinger band has contracted. Today was a good doji - bullish one with increase in volumes and break above today's high of 80.70 could suggest a target of 88 on the stock considering a possible triangle structure. Plus, today there has been a basic EMA crossover of 5-13. Now, tomo a crossing 34 EMA at 81.42 (cmp 80.20) can be good trigger for the stock. One more important fact, I see is the fall from 5th may was marred with low volumes, very stable volumes, no spikes suggesting unusal selling.

EDIT: Addition:
Alogn with bullish LT, there is a possible Cup and Handle in BHEL. The price of BHEL is 2400, the target is 2500 (rs. 100 up). The stock has done a cup-lip testing. Plus, ATR is stable. On 10 June, stock gave 5-13 EMA crossover, with breakout. Seems todays testing phase of cup lip of the stock is done.

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students

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