BUY OIL & NATURAL GAS CORPORATION | TARGET: Rs 124 | STOP LOSS: Rs 110
ONGC witnessed a strong closing in the last trading session after a gap up opening, signalling trend reversal in the counter. On the daily time frame, strong demand is seen near 100 DEMA as the stock has reversed from the oversold region on the oscillator front, 14-period RSI and witnessed a positive crossover. At the current juncture, the stock is placed at the lower band of the Bollinger (20, 2) that has historically provided strong demand. Hence, from a risk-reward point of view, ONGC is situated at a lucrative level to accumulate from a short to even medium-term perspective.
GOLDEN CROSSOVER Nifty Small-cap 100 Index’s 50-week moving average crosses the long-term 200-WMA; Analysts say index may see another 15-20% gain in short term
ETMarkets Morning Podcast (ET Online) Will Majesco share price turn negative?
07:06 Min | December 17, 2020, 8:36 AM IST
Here s a head up to some of the news we are tracking at this hour. Tune in!
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Transcript
Hi there! Welcome to ETMarkets Morning, the show about money, business and markets. I am Nandini Sanyal, and here is what we have to start your day. Will Majesco share price turn negative? D-Street wonders Realty stocks likely to see more gains HNIs rush to long-term G-sec
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And there is more. But first, a quick glance at the state of the markets. Nifty futures on the Singapore Exchange traded 36.95 points lower at 7:35 am (IST), signalling possible profit taking ahead on Dalal Street.
Mumbai: Shares of property developers
DLF, Oberoi Realty and Kolte Patil Developers are likely to see a 15-20 per cent rally in the next few months as these stocks have made a bullish pattern, Golden Crossover, on charts. A Golden Crossover forms when a stock or an index’s short-term moving average crosses above its long-term average. The pattern indicates potential for a major rally.
In this case, the 89-day exponential moving average has crossed the 200-day moving average.
“When a golden crossover happens, the long-term direction sees good momentum. Historically, when this happens, stocks see a bullish momentum, said Jayesh Bhanushali, senior derivative and technical research analyst at IIFL Securities. “We see a 15-20 per cent upside in these stocks in the next six months, said Bhanushali.