Generic Engineering Technical Update

By | February 2, 2017

Unions Budget is having lot of Thrust on Infrastructure spend Stocks in construction and Infra sector should get benefited from this. Generic Construction we have been tracking this stock, and its moving along the technical line suggesting more upside can be seen in this stock based on current technical structure.

Generic Engineering We covered this stock on Monday and Thursday and 16 Jan   Stock has seen decent bounce from 83 levels and made high of 112.

 

Generic Daily Chart with Channel

As seen in daily chart stock corrected from upper end of channel and took multiple support at lower end of channel. Now Ideal entry would be after the break of upper end of channel around which is around 100-101. Closing above it rally can be seen for a move towards 112-120 in short term.

 

Generic Weekly Chart

Stock has not been able to close above 100 on Weekly basis 100 is very important GANN resistance zone closing above 100 will be very very good for the stock.

Traders can again go Long in range of 95-97  or on break of 100-101 SL 80 Target remains the same 120-140 in next 2 months.

This is not an investment pick  as I am not expert in Fundamental analysis but a short term pick for gain of  purely based on Technical Analysis.Please also do your own study before trading this stock and trade in small quantity.

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