India’s biggest aluminum producer Hindalco is looking to raise funds through a qualified institutional placement (QIP) that opens. Floor price for the QIP is set at Rs 184.45 per share. The company, in a release to the exchanges, said that a capital raising committee will meet on March 7 to consider the issue price of QIP. After releasing this news it share prices gives movement of 4.3% and 8.20 net change. Technically in daily time frame it trades near 52 week high, in Futures if it breaks the level of 201.10 then it can breach. There is immediate support below the level of 185 and 176, the resistance of 215 and the next immediate resistance of 225. Investors can take buy position when the breakout of resistance level 201.10 will do. And put the profit part when prices would comes at level of 214 with risk part of 185.
Last week we saw a mixed movement in Sunpharma. Price closed gained at 688 in F&O. The overall trend is consolidation and we can expect there would be a pull buy of prices above the consolidation level. There is immediate support below the level of 670 and 660, the resistance of 703 and the next immediate resistance of 725. Investors can take buy position when the breakout of resistance level 704 will do. And put the profit part when prices would comes at level of 714 with risk part of 670. Sun Pharma’s future growth and profitability hinges on its ability to complete successful resolution of its key Halol plant in Gujarat and clean up the regulatory mess it acquired through Ranbaxy acquisition. He further said that making entire lab processes paperless to improve data reliability to be challenge due to underestimation of the complexity and enormity of the task.
We recommended the stock of Kwality, which jumped almost 10 per cent accompanied by above-average volume in last week. The stock taking support at the key base level of 115 in early January, 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. Following a corrective decline, the stock found support at around 145. With this rally, 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 167 and 173 in the upcoming trading sessions. Investors with a short-term perspective can buy the stock with a stop-loss at 155.
4.Bharat Financial Inclusion Limited
The stock of Bharat Financial Inclusion Limited is strong bullish in coming days. The stock, since taking support at 470 in end December 2016, then stock has taken uptrend. The long term trend is also up for the stock. But the stock trade between the ranges of 770 to 810 encountered a key resistance at 820. In last week, the stock take the support at the level of 800 and made high of 814 and jumped around 3 percent in a last trading day. The buying interest is evident as the daily and weekly chart. It can extend its uptrend and reach the price targets of 835 and 850 in the upcoming trading session. Buy the stock with stop loss at 790.