Chart Check from GEPL Capital for Friday, June 15: STC, Titan Industries

We have compiled technical recommendations from Rajesh Manial, AVP technical research (retail desk) GEPL Capital for today.

State Trading Corporation of India Ltd

STC India Ltd appears to be tracing out a ‘Triangle’ pattern on the weekly charts but has not yet completed the pattern. If the stock manages to cross the level of Rs 291 convincingly then it may scale higher till Rs 334 and may even move past it.

The stock has formed a similar pattern back in 2010 (circled). Id our assumed fractional comparison and the pattern we are anticipating is correct then the stock may rally sharply in the short span of time.

We recommend a ‘BUY’ with a stop loss of Rs 230 and a target of Rs 334 and higher.

Titan Industries Ltd:

Titan Industries Ltd appears to be losing its upside momentum and has also given a breakdown of an important support level of Rs 223. The stock can easily slide down to Rs 193 and even lower as long as it trades below the level of Rs 228.

We recommend a ‘SELL’ with a stop loss of Rs 228 for a downside till Rs 193 and lower over the course of next couple of weeks.