1. TATA STEEL LIMITED
In daily chart Tata Steel Limited yesterday rallied 6% break 52 week high due of 509.40 in NSE the stock gain 12% after the company reported a healthy set of Q4FY17 numbers driven by significantly higher EBITDA/tonne from both Indian as well as European operations. India to be the fastest-growing large steel market globally in 2016 through 2018. We are expecting that in coming day its prices would be breach to the level 570 due to the breakout of major resistance of 510. In daily chart, the immediate resistance and support are 550-570, 490-475 respectively. The prices move in a channel. Investors can take long position at current market price 513 upto the level of next resistance level of 550 and maintain the risk part of 575 is the support. The stock gain 12% after the company reported a healthy set of Q4FY17 numbers driven by significantly higher EBITDA/tonne from both Indian as well as European operations.
Yesterday Vedanta surges rally of 5% due to Buoyed by resilient LME (London Metal Exchange) prices and declining cost of alumina, Vedanta aims to ramp up its aluminium output to 1.6 million tonnes (mt) this financial year. The complete ramp-up of its second aluminium smelter at Balco (Bharat Aluminium Company) and ramp-up of the balance pot lines at its 1.25-mt-per-year Jharsuguda smelter would help Vedanta achieve the higher production target. In daily chart there is a formation of head and shoulder pattern, the neck line resistance level is 247, in coming day if it break the level of 247 it will breach to the level of 590 and also it would test 52 week high. In daily chart, the immediate resistance and support are 260-270, 230-218 respectively. Investors can take long position above 247 upto the level of next resistance level of 258 and maintain the risk part of 235 is the support.
3. Vadilal Industries Limited
We recommended the stock of Vadilalind, which jumped almost 2 per cent accompanied by above-average volume in last trading day. The stock taking support at the key base level of 660 in February, the stock has been on a medium-term uptrend. While trending up, the stock decisively breached its 200- and 50-DMAs and hovers well above them. The stock appears to have resumed its medium-term uptrend. There has been an increase in trading volume over the past three weeks. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI has also entered this zone from the neutral region. The short-term outlook is bullish. The stock can extend its uptrend and reach the price targets of 920 and 950 in the upcoming trading sessions. Investors with a short-term perspective can buy the stock with a stop-loss at 870.
4.Radico Khaitan Limited
We recommended the stock of Radico, which jumped almost 2 per cent in last Friday. The stock of Radico, breaching its 21-DMA and a key resistance at around 122. This up move has strengthened the medium-term uptrend that has been in place since the December low of 106. Moreover, the short-term trend has turned up. The stock is trading well above its 50-DMA as well. The medium-term uptrend is intact. But, the stock now tests a resistance at 133 with an upward bias. The daily relative strength index has entered the bullish zone from the neutral region. Both the daily and weekly price rate of change indicators feature in the positive terrain indicating buying interest. The stock has the potential to surpass the immediate resistance at 122 and continue its uptrend. Short-term targets are 130 and 135 levels. Traders with a short-term horizon can buy the stock with stop-loss at 117.