Stock Recommendations for April 22nd-April 26th, 2019

Buy/sell stock recommendations for this week.

Apr 21, 2019 02:04 IST India Infoline News Service

Stock Pick Observation
Company Reliance Industries Limited  
The stock is trading in a strong higher top higher bottom chart structure and has given a strong recovery by forming a bullish hammer candlestick pattern on the weekly chart. The stock has also given a bullish Ascending Triangle pattern breakout on the daily chart, indicating a continued upward momentum.

Buy or Sell Buy (Cash)
Range Rs  1378-1386
Target Rs  1420
Stop Loss Rs  1365
Duration 1 week
200 D-EMA Rs  1178
Stock Pick Observation
Company ZEE Limited The stock has given a pullback after facing a strong resistance around its falling trendline. Tracking the hourly chart, the stock has given a bearish Flag pattern breakdown, indicating a downward momentum. ADX indicator, which measures the strength of a trend, is also indicating a negative bias for the stock, as –DI is quoting above the ADX line and +DI. We expect Zee Limited to trend lower backed by the build-up of short positions in its April contract.

Buy or Sell Sell (April Future)
Range Rs  404-408
Target Rs  385
Stop Loss Rs  416
Duration 1 week
200 D-EMA Rs  462.5

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