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Buy Aban Offshore for target of Rs 440: SMC Global

SI Reporter/New Delhi 21 Aug 12 | 08:49 AM

Nifty
Last close: 5366


Volatility was remained in the markets from past few sessions. Nifty opened on the positive note due to strong global cues but in later half markets was not be able to hold its early gains after CAG report, ended flat on Friday trade. On Charts, we are in uptrend as key benchmark indices is trading near its five months high. From past few sessions sideways movement was witnessed in the market that may remains continue for more coming sessions. Trend will disturb only if we start breaking support levels of 5260-5200 for near term otherwise view still remains buy on dips. Nifty is likely to seek support around 5320-5290 and on the upside, face resistance around 5400-5440 for Monday.

ABAN (LONG)
Last close: Rs 421.55
Target: Rs 440

From past few sessions stock is trading higher while forming the higher highs and higher lows on daily chart which suggest buying for the stock. On Friday, stock went up by 4% conclusively breached its 200 EMA on daily charts with above average volume. All these technical evidences suggest buying for the stock for the upside target of 440 with SL of 414.

GMDC (LONG)
Last close: Rs 197.25
Target: Rs 206-210


Recently stock has formed the “Inverted Head and Shoulder" pattern on weekly chart which took around five months to form so the potential of rise is quite strong. It is a continuation pattern which indicates that old trend is intact and new move is going to start. There is no as such the neckline breakout but the movement of last traded week indicates that there will be strong spurt in near term. So one can make long position for the upside target of 206-210 with SL of 193.

ESCORTS (LONG)
Last close: Rs 64.55
Target: Rs 68-69


Stock is continued to trade in downtrend from past 10 months. Recently stock has made a fresh 52 week low of 55 levels on 27th July, 2012. There after it has started moving higher while forming the lower highs and higher lows on daily charts. For confirmation stock has given the pattern breakout on Friday trade with rising volume. So one can initiate long for the upside target of 68-69 with SL of 62.

Source: Mudit Goyal, technical analyst, SMC Global

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