8/3/2019 Daily Morning Update 31st Oct 2011
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DAILY TRADING HIGHLIGHTS & OUTLOOK 31 Oct, 11
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Bhushan Steel Limited ` 340.5Technical Outlook & Trading
Strategy:-
The price of BHUSHAN STEEL has registered a breakout from its
symmetrical triangle pattern on the daily charts.Traders should
note that breakout from a symmetrical triangle indicates trend
reversal. Another sign of strength isthat the price of BHUSHAN
STEEL has closed above its key moving average clusters. The
momentum indicator is alsoin rising mode.
We recommend traders to buy 50 % now and again in the range of
`3 35 ` 3 37 levels with a stop loss placed below
` 329.4 levels for targets of `355 366levels, expected to be
achieved over the coming few sessions.
Punj Lloyd Ltd. CMP`58.40
Technical Outlook & Trading Strategy:-
The Share price of Punjlloyd corrected sharply from the highs of
` 221 .35 levels as on 17th Jan, 2 010 t o register an all
time low of 52 .05 levels recently. But, as outlined in the
chart above, stock has taken support between the ` 52 --54levels
and this price action has now taken shape of a triple bottom
formation. The stock has also closed above its key
moving average clusters, which is also a sign of strength in the
counter. The RSI indicator has also given a buy signal
backed by a positive divergence. All of the above technical
evidence is suggesting a t rend reversal.
We recommend buying at current levels and again on dips to ` 57
.5 -- ` 58 levels with a stop placed below `5 6.4 for an
initial target of ` 60 .6 -- ` 62 in the coming sessions.
Disclaimer
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