Intraday Stock Tips for 30th January, 2012: BUY FORTIS
Intraday Share Market Tips for 30th January, 2012: BUY FORTIS
On Daily Charts, FORTIS has made a Long White Candlestick Pattern, with an excellent spurt in Volume. The Stock is trading much below its 200-Days SMA (Simple Moving Average) of 137.48. It has moved above its 50-Days SMA and 20-Days EMA (Exponential Moving Average) of 100.21 and 99.10, respectively on the closing basis.
It has also crossed the Longer Term Trendline successfully marked from the month of June, which was acting as a resistance till now. The stock is already in a Bull Trend, but now it has crossed its small resistance zone. It made a high of 106.80 for the day and closed at 105.70. The 14-Days RSI (Relative Strength Index) is quoting at 64.24 on the Charts (RSI above 50 indicates strength or confirms the Buying signal).
The Positive Directional Index (28.52) is trading above the Negative Directional Index (19.75). ADX (Average Directional Index) is quoting at 20.35 on the Daily Charts. ADX’s value above 20 indicates that the trend of the stock is strengthening.
Hence, it is recommended to buy FORTIS only if it trades above 106 for the Targets of 110 & 112, with the strict Stop Loss of 104.
Contributed By: Sonal Natani MS(Finance), ICFAI, Hyderabad.
Equity Research Analyst, Indore