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PUNJAB NATIONAL BANK
PNB performed well sell side in intraday trading, it makes news break 52 week high and take the resistance of 185 from which there is profit booking can be seen in intraday trading, prices were close negative at 172.85. In daily chart last candle is formation id bearish and this candle engulf previous day trading candle that indicate there is correction in sell side. But due to its bullish trend we suggest investors can take short position of only for some days a point of profit. From the level of there is fresh buying we can see. Yesterday its prices were closed negative at 3.85 (1.91%) in futures. Investors can take short position below the level of 168 upto the level of next support of level of 158 and maintain the risk part of 185 is the resistance. Banks Unions and the Indian Banks’ Association (IBA) are likely to introduce variable pay as it initiates the negotiations today for the next wage settlement in the banking industry.
2.HINDUSTAN PETROLEUM CORPORATION LIMITED
Technically in daily time frame the overall trend is bullish in HPCL. Yesterday prices closed negative at 526.45 (-1.31%) in future, the prices were pull back from the resistance level 575 near from the 52 week high it shows reversal signal due to RSI divergence of 14 days. We are expecting that in coming days it would be break psychological level of 500 that acts as major support level. Trend line support of and the next breakout of neck line support of 500 that forms double top pattern in daily time frame, the prices would be breach to the level of 460-440, the immediate resistance level of 550-580. In coming day if the break out of support level 500 then investors can enters in short position up to the next support level with risk part of immediate resistance of 550. The drop in volumes follows India’s threat to order state refiners – Hindustan Petroleum, Bharat Petroleum, Mangalore Refinery and Petrochemicals Ltd, and Indian Oil Corp – to reduce purchases from Iran if an Indian consortium is not awarded the rights to develop Iran’s huge Farzad B natural gas field.
3. MARUTI SUZUKI INDIA LIMITED
Maruti trade near to all time high, yesterday it gives mixed trading. Prices closed performed well in intraday trading, in coming day if it breaks the consolidation then it take break the all time high and make new all time high from the level of 576 there is fresh buying we can see. Its prices were closed positive at 6660 in futures. In daily charts immediate resistance level is 7200-7500 and the immediate support level of 6400-6250. Investors can take buy position when the breakout of all time high resistance level above 6750. And put the profit part when prices would come at the level of 6995 with risk part of 6350. In 2017 Maruti Dzire diesel to be the most efficient mass production car in India. The petrol motor too gets a significant 2kmpl increase in its efficiency from the earlier 20.85kmpl. Maruti is yet to release the official efficiency numbers though.
The stock of Tribhovandas Bhimji Zaveri (TBZ) price closed at 93 jumped immediate strong resistance level of 103 with healthy volume. Prices sustain above the breakout level double bottom pattern in daily chart. And also there is major trend breakout which gives the reversal signal trend in stock. Immediate support is 84-78 and resistance are 103-109. If it breaks this level of 103 it breach to the level of 108- 130, immediate support level is 79. With this rally, the stock appears to have resumed its medium-term uptrend that has been in place since taking support at around 56 in December 2016. It is trading well above its 50- and 200-DMAs. Daily indicators, such as price rate of change and moving average convergence divergence are hovering in the positive territory backing the stock’s uptrend. The short-term outlook is bullish for the stock. It will test the next resistance at 105. It has the potential to break above this resistance and trend higher to 103 and 128 levels in the short term. Traders with a short-term perspective can buy the stock with stop-loss at 79.