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Tata Elxsi Technical Analysis #20: Sell | Target Rs 850 | Arijit Banerjee

POSITIONAL TRADING ADVICE

 SELL  Tata Elxsi Limited (NSE: TATAELXSI)

TATA ELXSI STOCK RECOMMENDATION

CMP#912.8
IdeaSELL
Sell Range930 – 910
Target850 – 820
StopLoss*950
Duration25 – 30 Trading Sessions
Potential Return^7 – 10%
CMP#IdeaSell RangeTargetStopLoss*DurationPotential Return^
912.8SELL930 – 910850 – 82095025 – 30 Trading Sessions7 – 10%

# CMP on Jan 25, 2019
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 881.
^ The returns are calculated based on CMP#

TATA ELXSI COMPANY OVERVIEW

Tata Elxsi limited (NSE: TATAELXSI) provides product design and engineering, system integration and support services in India, US and Europe. The company offers solutions for product engineering, design, Big Data analytics, Internet of Things, content development, artificial intelligence, virtual reality, and systems integration etc. Tata Elxsi caters to various industries such as Aerospace, defense, consumer electronics, healthcare, telecom and transportation industries, entertainment etc. The company Tata Elxsi limited posts 15% decline in net profit at Rs 27.76 crore in Q3FY19; revenue up 7.5% on a quarterly basis.

Stock Data
NSE CodeTATAELXSI
SectorNifty IT
52W High1490.9
52W Low908.1
Face Value10
Relative Performance_TATA ELXSI vs Nifty IT Index

TATA ELXSI TECHNICAL ANALYSIS (WEEKLY)

  • Tata Elxsi Limited share price formed well defined Symmetrical Triangle Pattern over last 14 weeks and breakout below the lower side shows further bullishness.
  • Stock Price of Tata Elxsi recently makes Breakout below the true crucial Weekly Multiple Support, at Rs.920.
Tata Elxsi NSE TATAELXSI Weekly PRICE Chart
Tata Elxsi NSE TATAELXSI Weekly PRICE Chart

TATA ELXSI TECHNICAL ANALYSIS (DAILY)

  • The registered a resolute breakout past the eight weeks consolidation signalling resumption of the primary downtrend.
  • The stock is trading well below its EMA-5, EMA-10 & EMA -20, indicating a strong negative trend for the stock.
Tata Elxsi Daily Chart
Tata Elxsi 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.

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