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Tuesday, June 9, 2009

Sokhi Sure Shot Calls for 9th JUNE !

JSW STEEL (SELL) 500-498 (Target1) 490 (Target2) 483 & 444 (Sl) 510

TORRENT POWER (BUY) 156-157 (Target1) 161 (Target2) 164 (Sl) 154

JP ASS (SELL) 205-206 (Target1) 200 (Target2) 197 & 193 (Sl) 210

Jaiprakash Hydro Power (Rs 87.05) Sell : the stock encountered resistance around Rs 100 in early June and changed its trend. On June 8, the stock tumbled 9 per cent experiencing selling interest and formed a bearish engulfing candlestick pattern, which is a short-term bearish reversal pattern. Both daily and weekly relative strength indices began to decline after reaching the overbought territory.

The price rate of change indicator is also declining from the overbought levels. We take a contrarian view on the stock from a short-term horizon and expect it to decline further until it hits our price target of Rs 78 in the upcoming trading sessions. Traders with short-term perspective can sell the stock while maintaining a stop-loss at Rs 91.5.

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DISCLAIMER

All the advises,calls,tips and predictions are neither an offer nor a solicitation to purchase or sell securities.The information and views given by writer is believed to be reliable but no responsibility (liability) is accepted for error of facts and opinion.Writer may be trading in or having positions in stock markets.