January 31, 2015

Monthly Technical Stock Picks

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Stock
BHEL
Anant Raj Ltd

CMP
Rs.291.75
Rs.50.15

Recommended Action
Buy between CMP & Rs.265
Buy between CMP & Rs.45

Target
Rs.365
Rs.65

Stoploss *
Rs.255
Rs.42.50

Time Horizon
2-3 Months
2-3 Months

* Stoploss as per daily closing basis.

Bharat Heavy Electricals Ltd (BHEL):

BHEL- Monthly timeframe

Observation
The attached larger timeframe chart like monthly timeframe chart of BHEL (Bharat Heavy Electrical Ltd) is indicating
a sustained uptrend over the last few months.
We observe a bullish head & shoulder type pattern (variation type), which is unfolding and the neck line (green up
sloping line) has placed around Rs.297.00. In the last few occasions, the stock price is making attempt to stage
upside breakout of the neck line.
The long term support of 50 month EMA (brown curvy line) is intact and is offering support for the stock price in the
last few months.
The formation of long lower shadow of the last three months is indicating an emergence of buying interest from the
lower levels, which hints at the possibility of upside breakout of the hurdle for near term.
Monthly momentum oscillator like 14 period RSI is repeatedly hitting the upper area of 60 levels and is currently
placed around 60 levels. Monthly RSI moving above 60 could have positive impact on the stock price in future.
The overall positive chart pattern is suggesting a buying opportunity in BHEL Ltd for the next couple of months.

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Anant Raj Ltd:

Anant Raj Ltd-Monthly timeframe

Observation
The Anant Raj Ltd as per larger timeframe chart of monthly is indicating that the stock price is in the process of
making a significant bottom reversal pattern, after a decline of the last 5-6 months.
We observe that the stock price is moving with in a converging triangle type pattern (two brown converging trend
lines). Currently the stock price is showing bottom reversal pattern around the lower end of triangle of around
Rs.43-Rs.44 levels.
The last couple of months candlestick pattern is showing another positive indication of spring. The stock prices
were showing false downside break of the lower up sloping triangle line around Rs.45 levels. This is positive for the
stock trend and it signals the possibility of stock price testing the upper triangle around Rs.75-76 levels in the next
few months.
Monthly 14 period RSI is making attempt to turn up from near the key lower levels of 40. From here the monthly RSI
could move up towards the upper 60 levels in medium term.
Positive technical set up is suggesting a buying opportunity for the next few months.

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Technical Research Analyst: Nagaraj Shetti (H5101)

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