OUR BTST WERE BANKS - ICICI,AXIS,SBI ................watch in today trade n book good profits
Today's Pick - Balrampur Chini Mills
We recommend a buy in Balrampur Chini Mills from a short-term horizon. It is evident from the charts that the stock has been on a medium-term up trend from its early July trough at Rs 68, forming higher peaks and higher troughs. While trending up, the stock crossed over the 21 and 50-day moving averages. Also it penetrated the intermediate-term down trendline, which was in place since January high of Rs 127.
Moreover, the stock conclusively closed above its 200-day moving average by jumping up almost 8 per cent on August 19. We notice good volume during the up move. The daily relative strength index (RSI) has re-entered into the bullish zone, reinforcing bullishness and the weekly RSI is likely to enter this zone.
We are positive on the stock in the short-term. We anticipate the stock to rally further until it hits our price target of Rs 107 in the forthcoming trading sessions. Traders with short-term perspective can buy the stock while maintaining a stop-loss at Rs 91.
NEWS FOR TODAY
Government may charge higher diesel prices for industrial users.
Government has decided to control export of sugar by reintroducing the release order mechanism from October and is also planning to withdraw subsidy on export.
Fertilizer industry seeks cash subsidy from the government.
UP government to challenge high court order on sugarcane price.