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Technical Stock Pick: Reliance Industries

HDFC Sec | 31 Jul, 2012  | Follow Author | Add to my Favourites 


Technical Analysis

Reliance Industries had retraced less than 61.8% of its last upward move from Rs674 to Rs743 which is a bullish indication.

The upward move from Rs674 to Rs743 took 12 trading sessions and the downward move took 28 trading sessions, so in spite of taking more than double time it had retraced the last move by less than 61.8% which is a bullish sign.

Oscillator

Current value

Average value

MACD – 9days

-0.94

-1.37

RSI – 14 days

53.70

49.15

ROC – 10days

1.25

-1.16


The 9 day MACD has started trading above its average and which is a bullish sign. The 14 day RSI had breached its average from below which is a bullish signal. The 10 day ROC is trading in the positive territory.

The 14 day positive DI had started trading above its 14 day negative DI; positive DI is currently trading at 18.06 and negative DI is trading at 16.98.

Stock Recommendation
Buy Reliance Industries in the Rs730-725 band for a target of Rs750 in 1 week; keep a stoploss of Rs720 on closing basis.

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About HDFC Sec

HDFC Securities a trusted financial service provider promoted by HDFC Bank and JP Morgan Partners and their associates, is a leading stock broking company in the country, serving a diverse customer base of institutional and retail investors. HDFCsec.com provides investors a robust platform to trade in Equities in NSE and BSE , and derivatives in NSE. Our website will support you with the highest standards of service, convenience and hassle-free trading tools.

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.



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