Intraday Share Trading Ideas and Stock Tips for 30th August, 2010 (30/08/2010): Buy Patni Computers
August 30, 2010 by admin
Filed under Analyst's Corner, General
Intraday Stock Trading Ideas and Share Tips for 30th August, 2010 (30/08/2010): Buy Patni Computers
On the Daily Charts, PATNI has made a White Candlestick, on Friday. The prices are trading above the 50-Days SMA (Simple Moving Average) and 20-Days EMA (Exponential Moving Average) of 507.17 and 516.21, respectively. Stock tested its important resistance of 553 on Friday by making a high of 552.
Also the Company is going to be EX-Dividend (Rs. 63/share) on 31 August, 2010, due to which the stock may witness a up move on Monday. 14-Days RSI (Relative Strength Index) has strengthened on the Charts and is quoting at 65.39 (RSI below 50 indicates weakness or confirms the Selling signal).
The Positive Directional Index (31.12) is above the Negative Directional Index (19.26), ADX (Average Directional Index) has gained strength on the Charts and is quoting at 29.80. ADX’s value above 20 and near 40 indicates that the underlying trend is strengthening.
Hence, it is recommended to buy PATNI only if it trades above 553 for the Targets of 564 & 566, with the Strict Stop Loss of 545.
Contributed By: Sonal Natani MS(Finance), ICFAI, Hyderabad.
