Chart Check from Kotak securities for Wednesday, February 08: Wheels India, ONGC

We have compiled technical recommendations from Shrikant Chouhan, Head- Technical Research, Kotak Securities for today.

Updated: Feb 08, 2012, 12.13 PM IST

We have compiled technical recommendations from Shrikant Chouhan, Head- Technical Research, Kotak Securities for today.

Wheels India Ltd is a ‘BUY’ call with a target of Rs 500 and a stop loss of Rs 290

The stock has formed classic inverse H&S on the daily charts and might achieve the set in target in next couple of weeks. As per overall formation on the higher side we can expect Rs.500 with a minotr resistance at 440. Add at current levels and add more on declines up to 320 with a stop loss at 290 on a closing basis. CMP: 350

Wheels India: Weekly Charts

ONGC is a ‘Buy’ call (on declines) with a target of Rs 315 and a stop loss of Rs 268

The stock has formed falling wedge and is diverging positively. Currently it is trading above it but close on a weekly basis will lead to a quick expansion to 315 levels. Buy at each decline with a stop loss at 268 on a closing basis.

ONGC : Weekly Charts

Disclaimer: Kotak Securities Limited (KSL) may have proprietary long/short position in the above mentioned scrips and therefore should be considered as interested. Analyst holding: Nil. The views provided herein are general in nature and does not consider risk appetite or investment objective of particular investor; readers are requested to take independent professional advice before investing. This should not be construed as invitation or solicitation to do business with KSL.

The views and recommendations expressed in this section are the analysts own and do not represent those of EconomicTimes.com

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