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Trading Strategies: Coal India, Adani Enterprises, Hindustan Oil Exploration

SI Reporter/Mumbai 18 Jul 12 | 08:43 AM

Nifty
Last close:  5193


On Tuesday, Nifty saw a positive opening of 30 points on back of strong Asian cues but in the later half markets could not be able to sustain the morning gains and closed marginally lower for its fifth consecutive day. Nifty witnessed a strong selling pressure near day’s high to close below 5200 mark. On daily chart, Nifty is going to fill the gap which was formed on 29th June. This is also considered as good support zone for coming days. For next session, Nifty is likely to seek support around 5160-5130 and on the upside, face resistance around 5240-5270.

 
ADANIENT (SHORT)
Last close: Rs 194.50
Target: Rs 183


Stock is continued to face selling pressure since January. On Tuesday, stock went down by 8.5%, conclusively made a fresh 52 week low & closed near day’s low with above average volume. So we anticipate that the selling may remains continue for coming days for the downside target of 183 with SL of 199.

 
COALINDIA (LONG)
Last close: Rs 354.30
Target: Rs 365

Stock has given a smart bounce from 300 to 360 levels with rising market. Consider the past few session, it is consolidating in range of 345-360 levels with positive bias. On daily chart, stock is comfortably trading above its 200 EMA mark which shows the strength of stock. RSI and other select momentum indicators are also featuring bullish. Buy this stock for the upside target of 365 with SL of 349.

 
HINDOILEXPO (SHORT)
Last close: Rs 126.85
Target: Rs 120-118


On daily chart, stock has formed the “Head and Shoulder" pattern which is bearish in nature & now on verge of neckline breakout. On Tuesday, stock went down by 2% conclusively broken its 200 EMA & 21 EMA on daily chart with rising volume. So sell this stock for the downside target of 120-118 with SL of 130.



Source: Mudit Goyal, technical analyst, SMC Global

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