Intraday Stock Trading Ideas and Stock Tips for 31st August, 2010 (31/08/2010): Buy Mphasis
August 31, 2010 by admin
Filed under Analyst's Corner, General
Intraday Share Trading Ideas and Share Tips for 31st August, 2010 (31/08/2010): Buy Mphasis
On the Daily Charts MPHASIS has made a Spinning Top Candlestick Pattern, which shows a bit of uncertainty present in the stock. The stock is trading in a fixed range since last three sessions. Now if it crosses its important resistance of 628, a good up move will be witnessed in it.
Stock’s 20-Days EMA (Exponential Moving Average) and 50-Days SMA (Simple Moving Average) is quoting at 607.14 and 602.78, respectively, hence giving a positive crossover. 14-Days RSI (Relative Strength Index) is quoting at 58.14 on the Charts (RSI below 50 indicates weakness or confirms the Selling signal).
The Positive Directional Index (22.46) is above the Negative Directional Index (16.90), ADX (Average Directional Index) has gained strength on the Intraday Charts and is quoting at 14.62 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 MPHASIS only if it trades above 628 for the Targets of 636 & 640, with the strict Stop Loss of 620.
Contributed By: Sonal Natani MS(Finance), ICFAI, Hyderabad.
