Weekly News: Super 5 Stocks for BTST

Stocks for BTST

1. Banco Products (I) Limited

 The uptrend in the stock of Banco India Products that had begun from the January low of 90.20 is gaining momentum. The stock surged 4.39 per cent on Friday breaking a key resistance around 163 decisively. Strong support at 158-162 levels can limit the downside in the near-term. The 21-DMAcrossing over the 200-DMA adds strength to the up move. It also suggests that the uptrend that has been in place since January remains intact. An immediate resistance is at 175 which are likely to be tested in the near-term. A strong break above 175 can take the stock further higher to 185. Traders with a short-term perspective can go long. Stop-loss can be placed at 160 for a target of 180.
 

2.  Colgate Palmolive (India) Limited

Colgate Palmolive closed the week on around 955. As we have mentioned last week that resistance for the stock lies in the zone of 1000 from where the stock has sold off in the month of Dec – 2015. If the stock manages to close above these levels then the stock can move to the levels of 1100 from where the stock has sold off in the month of Apr – 2015. During the week the stock manages to hit a high of 964 and close the week around the levels of 955. Support for the stock lies in the zone of 920 to 910. If the stock manages to close below these levels then the stock can drift to the levels of 870 to 880 where medium term moving averages are lying. Resistance for the stock lies in the zone of 1000 from where the stock has sold off in the month of Dec - 2016. If the stock manages to close above these levels then the stock can move to the levels of 1100.

3. Bata India Limited:

Bata India has been maintaining uptrend since 2011 and posted exceptional gain in last five  years. Though it had also witnessed several intermediate corrective phases in between but always upheld its positive bias throughout the rally. After forming a record high at 748 in January 2015, it retraced to the support zone of long term averages on weekly chart, due to profit taking. It witnessed sharp rebound from that zone but couldn’t sustain those gains and retraced again to support area. It has been trading in a broader consolidation range of 440-610 level for last one year and looks upbeat for fresh up move. It’s an ideal opportunity to accumulate fresh in the given range of 565-570 with close below stop loss of 535 for the target of 645.

4. The Federal Bank Limited
Federal Bank witnessed sharp up move post giving positive cross-over on short term averages around level of Rs 48. Since then, stock registered a high of Rs64.25 before witnessing profit-booking at higher levels. The recent correction in the stock price provides for a good entry point on decline with support coming in around level of Rs 60 that coincides with 50 day EMA (exponential moving averages).  Thus, for week trade, long position can be initiated around Rs59 for target of Rs 70 with a stop loss of Rs53.

5. Chennai Petroleum Corporation Limited

Chennpetro has recently posted breakout from declining trend line on weekly chart at level 240 and currently hovering around the neckline (support) area of the same, offering opportunity to create fresh long positions. Chennpetro now fresh buying can be taken at level  255 for the target of 265. If Chennpetro gives the breakout of level  265, then in next week it touch the level around 280.