Technical Calls:Central Bank,RIL and LT

By | May 29, 2012 7:51 am

Reliance Industries

Facing resistance at 20 SMA@703.Failure to cross the same can lead RIL to May lows of 682

Sell below 698 Tgt 694,687 and 683

Buy above 704 Tgt 706,709 and 716



LT is facing trendline resistance and break of 1210 will make it to move back to 1240,Failure to do the same will take LT back to lower trendline at 1147

Buy above 1210 TGt 1225 and 1240

Sell below 1198 Tgt 1184,1173 and 1165


Central Bank

CBI broke from 76.5  and took 4 trading days to retrace it,Now it means it has only retraced the move as time taken in 4 days to retrace 1 day move.

Any move above 76.5-77 range will end the correction,unable to cross 76.5 will lead it back to 72 and lower levels.

Sell below 75.4 TGt 74.5,73.6 and 72.7

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