Intraday Stock Market Tips for 9th September, 2010 (09/09/2010): Buy HCL Technologies
September 9, 2010 by admin
Filed under Analyst's Corner, General
Intraday Share Bazaar Tips for 9th September, 2010 (09/09/2010): Buy HCL Technologies
On the Daily Charts HCLTECH has formed a Bullish Engulfing Candlestick, with a jump in volume. The prices are testing their important resistance of 408 regularly. The prices if crosses this level, will face a good jump. The stock crossed its 20-Days EMA (Exponential Moving Average) of 400.69 by making a high of 406.75 for the day.
The 50- Days SMA (Simple Moving Average) is quoting at 387.90. 14-Days RSI (Relative Strength Index) has gained strength and is quoting at 54.58 on the Charts (RSI below 50 indicates weakness or confirms the Selling signal).
The Positive Directional Index (20.33) has crossed the Negative Directional Index (18.05), ADX (Average Directional Index) has gained strength on the Intraday Charts and is quoting at 20.87 on the Daily Charts. ADX’s value above 20 and near 40 indicates that the underlying trend is strengthening.
Hence, it is recommended to buy HCLTECH only if it trades above 408 for the Targets of 414 & 416, with the strict Stop Loss of 405.
Contributed By: Sonal Natani MS(Finance), ICFAI, Hyderabad.
