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15 December, 2017 21:51 IST
Rajesh Bhosale on how to trade in Aegis Logistics, Hindustan Zinc and Jain Irrigation
Source: IRIS | 05 Dec, 2017, 04.55PM
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Rajesh Bhosale, Technical Analyst at Angel Broking has recommended trading strategies on Rajesh Bhosale on how to trade in Aegis Logistics, Hindustan Zinc and Jain Irrigation Systems. He gave following rationale for technical strategies:

1. Aegis Logistics
View-Bullish
Last Close-Rs. 245.80

''The Stock is in an uptrend continuously moving in a Higher Top Higher Bottom formation. Since the last couple of months, the stock was consolidating in a range of 'Ascending Triangle' formation. On the daily chart, prices have now closed above the higher range confirming a bullish continuation pattern breakout. The said breakout is witnessed with a bullish candlestick pattern and above average volume. Thus, we recommend buying this stock at current levels for a target of Rs 272 over the next 5-10 sessions. The stop loss should be fixed at Rs 233.''

2. Hindustan Zinc
View-Bearish
Last Close-Rs. 295.90

''Stock prices have confirmed a bearish reversal pattern breakdown known as 'Head N Shoulder'. On the daily chart, prices after making a lower top have closed tad near previous low and with RSI already below its previous low we sense the pre-emptive signs of bearish lower top lower formation in price. In addition, we are witnessing a bearish crossover between averages with 20DSMA crossing 50DSMA from above supporting the sell call. Thus, we recommend selling this stock at current levels for a target of Rs 284 over the next 5-10 sessions. The stop loss should be fixed at Rs 303.'' 

3. Jain Irrigation Systems
View-Bullish
Last Close-Rs. 119.55

''Stock prices had given a bullish breakout on Nov 21 from the resistance level of 114 with good volumes and bullish candle. However, after a decent move towards 123.90 levels, prices witnessed a corrective move back towards the breakout levels. Technically, it is a natural tendency of price pattern to retest breakout levels before achieving the complete target and we are now witnessing a bullish candlestick pattern on the said support zone (114). In addition, Momentum oscillator across all major time frames is placed in positive zone supporting the buy call. Looking at all the evidence we sense a resumption of the prior uptrend. Thus, we recommend buying this stock at current levels for a target of Rs 137 over the next 5-10 sessions. The stop loss should be fixed at Rs 111.''

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