Nifty posted gain of marginal gains and ended in green at 5121.The overall markets breath was almost equally weighted with 719 advances to 727 declines.In today's session after n initial cut down markets recovered smartly taking markets to day highs,the overall session was was a see-saw ride with just a marginal close.
Nifty is currently trading above the 40 and 200 DMA averages,in addition bulls are making the move ahead cautiously ahead,supporting bullish sentiments.Amidst global scenario markets are looking quite skeptical,but technical view remains bullish with 5200 as the immediate target.
Technical indicators are also supporting the prevailing trend.The momentum indicator RSI has violated the 50 levels and is currently trading at higher levels,while the MACD is trading with positive crossover and is on the verge of entering the positive territory.
Technically , going long on dips is my current call,with 5200 as the 1st target,since i expect this rally to halt somewhere at this level.,trade with strict stop-loss,this can increase your trading efficiency and profitability.Well trying to estimate the whole month scenario would be futile as,we should offer the markets some leeway about its short term trend.
What is your call on Recltd.?
ReplyDeletewait for few more days ,let the charts be more clear
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ReplyDeleteI have a buy call on Recltd. as it has surpassed the resistance of 176 & a target of 194 as a rounding bottom formation. & according to my view it may face a resisitance at 188 as it is the 23.6% level of earlier down move. What say?
ReplyDeletewell Recltd has fallen quite a lot from long 237 to 158,now MACD indicator has given a positive crossover ,but still is it not that much convincing,it will face turbulence moving ahead.Also the stochastic indicator has reverted from the overbought zone ,hence more cut can be seen in coming days.
DeleteMy view is to avoid this stock as for now,migth be later ,after few days it may look attractive