Bharat Forge had fallen nearly 9% on the day of its results from Rs 330 to Rs 304.50. Since then, it has corrected back to Rs 317.05. This correction in price, however, has taken place on low volumes.View chart.
Bank of India has been trying to penetrate the Rs 440 level over the last three days, but has met with selling pressure around those levels. A weakness in the market can take the stock down to Rs 420.View chart.
PFC fell below the FPO price on Friday, but closed near the high of the day at Rs 199.50. We were bullish on the stock above Rs 201, which was not triggered on Friday. The high volume at the FPO level suggests that selling is being absorbed. Once the selling pressure is eased, the stock can bounce back sharply. We remain bullish on the stock above Rs 201.View chart.
JP Power, too, moved up on Thursday due to the rolling over of derivative position. A bullish Friday did little to help the stock cross Rs 50, which was also the high of Thursday. The stock closed at the low of the day at Rs 48.70. Further weakness can push it down to Rs 46.View chart.
Along with other banking stocks, Canara Bank too bore the brunt and touched a 6-month low on announcement of its results. The stock hit a low of Rs 494 after the announcement of its results and has since then moved up to Rs 541.75 by Thursday. The rise, however, was on lower volumes. On Friday, the stock closed near the low of the day, which was below Thursday’s close. The stock can go down to Rs 510, below the low of Friday at Rs 533.View chart.
Mahindra & Mahindra moved up sharply on Friday with a near 3% rise to Rs 704.90. The company is expected to announce its results on Monday and is likely to post a net profit of around Rs 700 crore for the fourth quarter. A lower than expected result can leave the stock crashing to Rs 670 mark. A move below Rs 700 can be used as an entry trigger.View chart.
We have been bullish on Aurobindo Pharma as the stock had dived after receiving a warning letter from the USFDA. We have been triggered in the stock above Rs 165.30 with a target of Rs 170. We maintain the target.View chart.
Though analysts have been bullish on Ranbaxy, the stock has not moved in line with the expectations. The stock has not been able to cross the high of Thursday and has been drifting on lower volumes. A weak market can take the stock down to the Rs 480 level.View chart
Cipla moved up sharply on Thursday on account of the rolling over of its position. However, the stock could not cross it on Friday. On a much lower volume, the stock was down marginally at Rs 318.85. The stock, technically looks weak and can come down to Rs 305 level.View chart.
Bank of India has been trying to penetrate the Rs 440 level over the last three days, but has met with selling pressure around those levels. A weakness in the market can take the stock down to Rs 420.View chart.
PFC fell below the FPO price on Friday, but closed near the high of the day at Rs 199.50. We were bullish on the stock above Rs 201, which was not triggered on Friday. The high volume at the FPO level suggests that selling is being absorbed. Once the selling pressure is eased, the stock can bounce back sharply. We remain bullish on the stock above Rs 201.View chart.
JP Power, too, moved up on Thursday due to the rolling over of derivative position. A bullish Friday did little to help the stock cross Rs 50, which was also the high of Thursday. The stock closed at the low of the day at Rs 48.70. Further weakness can push it down to Rs 46.View chart.
Along with other banking stocks, Canara Bank too bore the brunt and touched a 6-month low on announcement of its results. The stock hit a low of Rs 494 after the announcement of its results and has since then moved up to Rs 541.75 by Thursday. The rise, however, was on lower volumes. On Friday, the stock closed near the low of the day, which was below Thursday’s close. The stock can go down to Rs 510, below the low of Friday at Rs 533.View chart.
Mahindra & Mahindra moved up sharply on Friday with a near 3% rise to Rs 704.90. The company is expected to announce its results on Monday and is likely to post a net profit of around Rs 700 crore for the fourth quarter. A lower than expected result can leave the stock crashing to Rs 670 mark. A move below Rs 700 can be used as an entry trigger.View chart.
We have been bullish on Aurobindo Pharma as the stock had dived after receiving a warning letter from the USFDA. We have been triggered in the stock above Rs 165.30 with a target of Rs 170. We maintain the target.View chart.
Though analysts have been bullish on Ranbaxy, the stock has not moved in line with the expectations. The stock has not been able to cross the high of Thursday and has been drifting on lower volumes. A weak market can take the stock down to the Rs 480 level.View chart
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