Technical Outlook & Trading Strategy:-
The share price of Ranbaxy Laboratories had been consolidating sideways in the range Rs 530 - Rs 555 levels since the past few weeks.
With the smart gains in today’s session the price now has given a break-out above this consolidation range with an increase in trading volumes. We believe that these breakouts augur well for the stock price and could propel it to levels of Rs 580 / Rs 595 in near future.
We recommend buy at current lev els and again on pullback to the levels of Rs 556 – Rs 553 with a stop loss placed below Rs 544.90 levels.
Tuesday, August 2, 2011
Bank of India Ltd. CMP—Rs 382.75
Technical Outlook & Trading Strategy:-
The share price of Bank of India Steel has closed right above its support level of Rs 380.
This is an important support level. With the price decline over the past few sessions, there are indications that the stock price might violate this support in near future. Traders should look to initiate short positions on a breakdown of Rs 380 for price targets to levels of Rs 365 / Rs 355.
We recommend all sell positions be protected with a stop placed above Rs 391.40 levels.
The share price of Bank of India Steel has closed right above its support level of Rs 380.
This is an important support level. With the price decline over the past few sessions, there are indications that the stock price might violate this support in near future. Traders should look to initiate short positions on a breakdown of Rs 380 for price targets to levels of Rs 365 / Rs 355.
We recommend all sell positions be protected with a stop placed above Rs 391.40 levels.
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