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ACC, Tata Steel, Britannia: Trading strategies for stocks post Q3 results

Markets, Stock market
ACC Ltd (ACC): The counter trades with a negative bias as it trades below 200-days moving average (DMA). However, it did have a strong support of Rs 1,374, which also is its 100-monthly moving average (MMA). The weekly chart shows a trendline resistance at Rs 1,645 levels. The overall outlook indicates selling pressure on the upside. The Moving Average Convergence Divergence (MACD) has broken the zero line downward, resulting in positive strength weakening. CLICK HERE FOR THE CHART

Britannia Industries Ltd (BRITANNIA): The overall trend suggests a positive outlook with the price rising towards Rs 3,400 levels. With the positive crossover that has formed a Golden Cross strongly indicates that the counter has more headroom left. The trendline support remains around Rs 3,080 levels, which also coincides with the 50-DMA and 100-DMA. The volumes have started rising as the price scaled Rs 3,200 levels. CLICK HERE FOR THE CHART

 

Tata Steel Ltd (TATASTEEL): With a double-bottom formation on the weekly chart, the counter has managed to conquer Rs 500 levels convincingly. Now to enter the next leg of upside, it needs to strongly close above Rs 500 on the weekly scale. One can observe selling pressure above Rs 500 levels, which can see the stock head back to Rs 420 levels. There is a gap-down at Rs 489 levels, which also indicates an immediate resistance. CLICK HERE FOR THE CHART

Mahindra & Mahindra Ltd (M&M): The stock is continuously trying to conquer the 200-DMA; however, the volumes are not supportive of the upside. Secondly, every upside above 200-DMA has witnessed selling pressure in subsequent closing sessions. The weekly chart has a trendline resistance at Rs 584, which needs to be conquered on a weekly closing basis. The Relative Strength Index (RSI) has a trendline resistance around 63 values. CLICK HERE FOR THE CHART

Voltas Ltd (VOLTAS): In the recent trading sessions, the stock has taken the support of 50-DMA and 100-DMA to stay above Rs 680 levels. The 'Double-Bottom' formation on the RSI suggests a room for an upside towards Rs 720 levels in the coming sessions. The trendline break out on closing basis further adds to the bullish view, as per daily chart. One can expect Voltas to hit Rs 750 in the days ahead if the counter manages to hold Rs 680 on the downside. CLICK HERE FOR THE CHART



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