IGI Logo

Technical Observations

* Chemical stocks continues to remain in strong up trend and is seen resuming fresh up move after one month of breather. The share price of Rallies India has witnessed a strong rebound after a higher base formation above the 50 days EMA and the previous major breakout area as can be seen in the adjacent chart signalling resilience and offers fresh entry opportunity. 

* We expect the stock to maintain positive bias and head towards | 370 levels being the 123.6% external retracement of its previous decline (|362-313) placed around | 370 levels

* The stock has already taken 19 sessions to retrace just 80% of its preceding 17 sessions up move (| 299-362). A shallow retracement signals a robust price structure and a higher base formation

* Among the oscillators the daily 14 periods RSI has recently generated a buy signal moving above its nine periods average thus supports the positive bias

Buy Intellect Design Arena Ltd @ 750.00-764.00 TGT 830 SL 705

To Read Complete Report & Disclaimer Click Here

https://secure.icicidirect.com/Content/StaticData/Disclaimer.html

Above views are of the author and not of the website kindly read disclaimer