Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Share on telegram
Share on email

Redington (India) Technical Analysis #24: Buy | Target Rs 95 | Arijit Banerjee

OUR RECOMMENDATION

CMP#82.4
IdeaBUY
Buy Range80 – 85
Target95 – 100
StopLoss*79
Duration45 – 50 Trading Sessions
Potential Return^15-21%
CMP#IdeaBuy RangeTargetStopLoss*DurationPotential Return^
82.4BUY80 – 8595 – 1007945 – 50 Trading Sessions15 – 21%

# CMP on Feb 18, 2019
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 89.
^ The returns are calculated based on CMP#

COMPANY OVERVIEW

Redington India Ltd. incorporated in 1961, operating in Information Technology, supply chain and management services. The company also sells IT distribution products, which include computers and networking, printing, software, cloud and data storage solutions, security solutions and servers. The company supports servicing warranty through its 100 own services and 280 franchise service centres. In Q3FY19, Net profit jumped by 14% year-on-year to Rs 145 crores.

Stock Data
NSE CodeREDINGTON
SectorNIFTY IT
52W High158.80
52W Low64
Face Value2
Relative Performance_Redington (India) vs Nifty IT Index

TECHNICAL OBSERVATIONS (WEEKLY)

  • Recent Weekly trendline breakout since 2018, indicates positive sign.
  • Weekly closing is above 10 Weeks Exponential Moving Average.
  • Last week volumes were above its 10 week average, indicating strength in the uptrend.
Redington Weekly Chart
Redington Weekly Chart

TECHNICAL OBSERVATIONS (DAILY)

  • Daily closing is above the upper Bollinger Band (15,2).
  • ADX(14) is 38.5 and +DI is above 25 moving upwards.
  • A daily momentum indicator RSI reading is at 63.11, which points out a positive breath in the stock.
Redington Daily Chart
Redington Daily Chart

MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

ANALYST SUMMARY

The research analysis is prepared by Arijit Banerjee, CMT, CFTe. He is a veteran trader and an active investor having in-depth knowledge in financial market research, advanced technical analysis, market cycle, algorithmic trading and portfolio management. Arijit is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts, USA. SEBI, the regulatory body of Indian financial market also recognizes him as a Research Analyst (INH300006582).

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

Enjoy this recommendation?
Share with your friends

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Share on telegram
Share on email

Your return could be much more

PROFITABLE!

access our premium recommendations

Swing Trading Advice

3 Months / 6 Months / 1 Year
7990 for 3 months*
  • * referred calendar months here
    e.g. Jan 20, 2020 — April 20, 2020

  • average 5-6 trades/ month
  • indian stocks + major index
  • short to medium term trade
  • ...and other exclusive benefits
Ultra

Subscribe With Us

Get free Trading tips and Investment advice

We respect your privacy.

Recent Posts

Recent Posts

For Business Queries, Call Us (+91) 9477-83-8855

You cannot copy content of this page