Technical Outlook & Trading Strategy:-
The share price of Gitanjali Gems Industries appears to have broken out from its rising trendline resistance.
Such a breakout is likely to have positive implications for the stock price. We expect strong advances to occur in the next few sessions and believe that the technical set up suggests that the stock price could test the levels of Rs 334/ Rs 342.
We recommend traders to buy 50% now and again at Rs 315- Rs 317 with a stop loss placed below Rs 310.80 Disclaimer.
Thursday, July 28, 2011
Indian Overseas Bank Ltd. CMP—Rs 136.30
Technical Outlook & Trading Strategy:-
The share price of Indian Overseas Bank had been consolidating sideways in the narrow range Rs 138 - Rs 148 levels since the past few sessions.
With today’s movement the price now has given a break-down below this consolidation range. It has also has closed above its short term moving averages.
We believe that this breakdown suggests that the stock price could decline to levels of Rs 131 / Rs 128 in near future.
We recommend sell at current levels and again on pullback to the levels Rs 138- Rs 139 with a stop loss placed above Rs 141.10 levels.
The share price of Indian Overseas Bank had been consolidating sideways in the narrow range Rs 138 - Rs 148 levels since the past few sessions.
With today’s movement the price now has given a break-down below this consolidation range. It has also has closed above its short term moving averages.
We believe that this breakdown suggests that the stock price could decline to levels of Rs 131 / Rs 128 in near future.
We recommend sell at current levels and again on pullback to the levels Rs 138- Rs 139 with a stop loss placed above Rs 141.10 levels.
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