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Charts of the Day - 12th Oct 2021 | SwingTrader India

Author: Yathisha Naik

October 12 2021 | Reading Time: 5 minutes
Indian Bank
 

   
  • It was facing resistance in the range of INR 145-–157,. Today, it closed above that level.
 
  • Simultaneously, the slope of momentum indicators like RSI on multi- timeframe charts has now turned upward with a positive crossover, along with positive MACD.
 
  • The stock has a fair  EPS Rank of 67, and an RS Rating of  64. and The number of funds holding the stock also increased substantially in the last quarter. 
 
Garden Reach Shipbuilders & Engs
 

 
  • The stock has been trading sideways in a consolidation for the last 61 weeks at INR 166–220 levels.
 
  • On October 7, the stock broke out above the trendline connecting the high of August 2020 to that of June 2021 on above average volume. Simultaneously, momentum indicators MACD and ADX also had a positive crossover on the weekly chart.
 
  • Today, the stock broke out of strong resistance and  had a “golden crossover” on the daily chart. 
 
Canara Bank
 

 
  • The stock  had already a broken out from a 15-week flat base in the last week of September 2021.
 
  • After a small correction, it has retested its breakout levels and bounced sharply thereafter.
 
  • Simultaneously, the slope of momentum indicators like RSI on multi- timeframe charts has now turned upward with a positive crossover, along with positive MACD.
 
  • The stock has a great buyer demand rating of A+. The number of funds holding the stock has also increased substantially in the last quarter. 
 
Disclaimer: Today, we have already recommended this stock as part of the SWTI portfolio.
 
ITC
 

 
  • After gaining sharply from INR 200 levels, the stock made a high at INR 245 . 
 
  • After a small correction, stock pulled back to its 21-DMA and bounced from that level. On October 12th,  it formed a “bullish flag” pattern with on higher volume.
 
  • Simultaneously, the slope of momentum indicators like RSI on multi- timeframe charts has now turned upward with a positive crossover.

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