We went through our list of Top 50 stocks both on the buy and sell side and found one interesting stock on each side for you.
Coromandel International, Close: 453.20
Coromandel International has broken up through the falling trend channel in the medium term. The stock price is making higher tops and bottoms which may indicate the starting of a new uptrend.
The stock has given a buy signal from an inverted head and shoulders both in the medium and long term. Target (NYSE:TGT) from the formation is around 505 rupees, while there is support around 436-430 and further at 400 rupees.
Positive volume balance and rising RSI curve support rising price. The stock is overall assessed as technically positive for the short to medium term.
Investtech's outlook (one to six months): Positive
Tata Steel Limited, Close: 491.35
Tata Steel Limited has been inside a falling trend channel since last year in all time frames. This signals increasing pessimism among investors and indicates a further decline for Tata Steel Limited. The stock has recently fallen below the support at 500 rupees and initiated a new sell signal. Further downside in TataSteel is suggested.
The longer term chart has the support of 360 and resistance around 540 rupees respectively.
Volume balance indicator is negative which indicated a higher volume with falling price and falling volume with price correction. This weakens the stock further.
Investtech's outlook (one to six months): Negative
The analyses are based on closing price as per January 08, 2019. Maintaining proper stop loss is always recommended.
Disclaimer: All analyses used herein are subjective opinions of the author and should not be considered as specific investment advice. Investors/Traders must consider all relevant risk factors including their own personal financial situation before trading.
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