Target: Rs 325
has been witnessing correction for the last five months and is currently hovering around the support zone of the long-term moving average of 200 EMA on the weekly chart. Indications are in the favor of marginal consolidation followed by steady rebound ahead. We advise accumulating fresh longs as per the given levels.
Initiation range: Rs 368-372
UJJIVAN has been witnessing profit taking for the past two weeks or so, after a sharp surge. Considering its overall uptrend, we feel it’s a healthy correction and the stock is likely to find support around 50-day EMA on the daily chart, which currently lies around 362 levels. We advise traders not to miss this buying opportunity and accumulate within the given range.
Sell March Futures of ACC Limited
Initiation range: Rs 1,415-1,420
Most cement counters are trading with negative bias and ACC is no different. It has been seeing a gradual fall for the last eight months and is currently trading below the major moving averages ribbon on the daily chart as well. The chart formation is pointing towards the prevailing trend to continue. We advise initiating fresh shorts in the given range.
Sell March Futures of Bharat Forge Limited
Initiation range: Rs 466-470
BHARATFORG has witnessed fresh breakdown from a distribution pattern and also slipped below the support zone of multiple moving averages ribbon on the daily chart. Indications are in the favor of gradual decline from hereon. Thus, we advise creating shorts in the mentioned zone.