Scrips like IPCL, CESC, Orchid chemicals, Reliance Energy, S kumars, Himachl, Prism cements were recommended for delivery. These scrips have come down below the stoploss levels. Some might have cut their exposures at stoploss levels and some may be holding these scrips.
The technical reason for the bullishness in these scrips is the formation of running triangle in the charts. The present correction has brought the scrips by one third or half of its value. Even after this correction, the scrips are well within the pattern and exhibit medium and long term bullish strength in the charts.
Those who have cut their exposures at stoploss levels can re-enter at current levels. Those who are holding these stocks can continue to hold. My long term view and the targets of this scrips haven’t changed. Below I have given the stoploss for the scrips for fresh long positions and for those who are holding these stocks.
For IPCL, the previous medium term high of 220 is the stop.
The one third retracement level of 240 is the stop for CESC.
The previous medium term high of 200 is the stop for orchid chemicals.
The level 28 is the stop for both prism cements and Himachl.
The recent low of 47 is the stop for S Kumars.
The previous low of 450 is the stop for Reliance Energy.