Continued upside seen in Cadila Health
Pharma is on fire today and among the stocks that had a ruboff effect from the news in a few leading counters is Cadila. However, some news flow has independently emerged in Cadila also during the day that can drive prices further. Chart patterns are pretty decent and support the expectations for continued upside. Price rise today has moved to all-time highs and has also done so on large volumes. The stock looks good for Rs 440 for now.
Expect advances in ZEE Ltd
After a long bout of declines, a good way to signal a reversal is through the formation of a W pattern. This is visible in the chart of ZEE Ltd. The prices have progressed to break past the descending trendline and this should now lead to some advances shortly. A pullback of the multi-month decline looks probable here. Today is the AGM and it appears that the makret seems to be expecting some news to emerge from there.
Short-term uptrend for Hindalco under pressure
The short-term uptrend in Hindalco seems to be under some profit taking pressure and has now broken the support trendline. The next support is seen a bit further away, around Rs 160. That leaves sufficient room for declines from the current levels if metals are soft or the market decides to pullback a bit.
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)