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RIL, IndiGo, Wipro, HDFC Bank: Trading strategies for result-driven stocks

Trading Strategies
Wipro Ltd (WIPRO): The positive trend has changed into a weaker mode as the support of Rs 280 is broken. That said, the stock is currently hovering around its 200 DMA, placed at Rs 264. Going ahead, the stock is likely to trade seidways. One can stay mildly positive considering the said level is seen as a support. The RSI (Relative Strength Index) has made a positive crossover while moving out of the oversold territory, which is a sign of recovery. A failure to hold Rs 250 may push this counter into a bearish phase.  CLICK HERE FOR DETAILED CHART VIEW

 

ACC Ltd (ACC): The stock witnessed  a tough time while climbing to Rs 1,600 levels. Such a scenario not only disturbs the overall trend, but if the counter fails to conquer the above-mentioned level, it may then see heavy a sell-off. Even, the MACD is unable to cross zero line upward, signifying heavy pressure on the upside. Such counters that have a strong upward resistance on price and technical indicators are unfavourable trading bets. The overall trend remains weak. However, the follow-up selling pressure may not arise given the range Rs 1,500 – Rs 1,450 has seen buying in the recent past. CLICK HERE FOR DETAILED CHART VIEW

 

HDFC Bank Ltd (HDFCBANK): It needs to close decisively above Rs 2,425 for a breakout as per daily chart. There is no doubt that the counter is making an endless effort to achieve this. However, the inability to overcome may hamper the sentiment, resulting in weakness. Even the trading volume may soften at the bourses. The downside support falls in the range of Rs 2,320 – Rs 2,340 levels. A breach may see this counter to fall towards Rs 2,170 levels. CLICK HERE FOR DETAILED CHART VIEW

 

InterGlobe Aviation (INDIGO): After a gap-down close seen last seek, the counter managed to hold the low of Rs 1,264 and started showing a reversal. Although the bounce seems positive, the selling pressure around Rs 1,500 still holds. It needs to cross and sustain above this level, absorbing all selling pressure to move higher. The RSI and MACD are showing positive strength, though the trading volumes are not supportive. CLICK HERE FOR DETAILED CHART VIEW

 

Reliance Industries (RELIANCE): The 'Descending Triangle' formation as per the daily chart can lead to a short-term correction. That said, the level of Rs 1,225 should act as decision-maker. Only a breach may take this counter to Rs 1,160 and Rs 1,130. On the upside, it needs to conquer Rs 1,315, which is its 100-DMA. The overall scenario reflects weakness and this can accelerate if the said neckline is broken. On technical indicator front, both RSI and MACD are trading in negative crossovers, a sign of losing strength. It even has 'Death Cross' of 100 DMA with 50 DMA suggests that traders watchful before placing their bets. CLICK HERE FOR DETAILED CHART VIEW