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Published on 6/11/2018 4:03:46 PM | Source: Choice Broking Pvt Ltd

Buy Coal India Ltd For Target Rs.283.00 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #Coal India Ltd #Mining Sector #Trading Report #Choice Broking

*  On a daily chart, the stock has been trading with a strong Horizontal Trend line support which is placed at 260 level which shows a bounce back movement in the counter.

*  Moreover, the stock has formed an Inverted Hammer Candlestick with the support of its Horizontal Trend line support which can be considered as a Bullish Reversal formation and indicates for an upside movement in the counter.

*  On an hourly chart, the stock has been trading above its 21 Hourly Moving Average which is placed at 263.50 level which shows a positive momentum in the counter.

*  A daily momentum indicator RSI’s reading is at 42.82 level and about to make a positive crossover, apart from this, the RSI has strong support at 40 marks which points put for a positive breath in the counter.

*  Based on the above technical structure, we are expecting a good upside movement in the counter in few trading sessions.

 

Recommendation

Buy Coal India Ltd Nov Fut @ 264.20-265.55 Stoploss 257 Target 283

 

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