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SBI
For the past four weeks, SBI has been showing a higher high, higher low pattern after the prices formed a V-shaped
recovery near Rs 440. Our recommendation is that the prices are likely to move higher after a correction. Going forward, we expect the prices to move higher towards the Rs 540 mark
immediately, followed by Rs 584 being tested. We recommend a stop-loss of Rs 490 on a daily closing basis.
TATAPOWER
Tata Power experienced a sharp recovery, indicating the price will move higher after a shallow correction. As we look ahead, we expect the prices to move higher towards the Rs 267 mark after which we might see a move towards Rs 285 and eventually towards Rs 310.
In the past one year, GAIL has moved in a range between Rs 125 and Rs 170. During the recent correction, the stock took support at Rs 125 and has moved higher. The stock has moved above the cluster of 20-week and 50-week SMAs (Rs 144 and Rs 145). The RSI indicator on weekly has formed a bullish hinge near the 40 mark and is moving higher, confirming the upward trend. Prices are expected to climb higher towards Rs 162 mark followed by Rs 170 levels. On a daily closing basis, we recommend a strict stop-loss at Rs 135 per share.
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