Reliance Communications Ltd.CMP — Rs 98.90
Technical Outlook & Trading Strategy:-
The share price of Reliance communication has registered a strong bounce back from it 89 day moving average. The momentum indicators remain in rising trajectory indicating strength in the up move. We expect that the stock price to continue its move up and test the levels of Rs 102 / Rs 105 shortly.
We recommend buying the stock at current price with a stoploss placed below Rs 94.80 levels.
Friday, July 8, 2011
TRADING RECOMMENDATIONS Bhushan Steel Ltd.
Bhushan Steel Ltd. CMP - Rs 455.85
Technical Outlook & Trading Strategy:-
The share price movement of Bhushan Steel appears to be taking form of an Inverted Head & Shoulder pattern. An inverted Head & Shoulder is a bullish pattern as it is associated with strong price up move once the share price records a breakout from its neckline. In the case of Bhushan Steel the neckline is placed at the levels of Rs 461. The measuring implications of the pattern suggest that following a breakout the share price could head towards the following price levels: Rs 471 / Rs 485 / Rs 500.
We recommend traders to buy at current price with a stoploss placed below Rs 442.40 levels for the above mentioned targets.
Technical Outlook & Trading Strategy:-
The share price movement of Bhushan Steel appears to be taking form of an Inverted Head & Shoulder pattern. An inverted Head & Shoulder is a bullish pattern as it is associated with strong price up move once the share price records a breakout from its neckline. In the case of Bhushan Steel the neckline is placed at the levels of Rs 461. The measuring implications of the pattern suggest that following a breakout the share price could head towards the following price levels: Rs 471 / Rs 485 / Rs 500.
We recommend traders to buy at current price with a stoploss placed below Rs 442.40 levels for the above mentioned targets.
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