Technical Pick: Reliance Ind, LT and Canara Bank

By | March 25, 2013 10:37 pm

Reliance Industries


Reliance Industries made high of 955 on Q3 result day and has been falling relentlessly till 800. Stock has broken its medium term trendline as shown in above chart. As per classical TA Support has become resistance and stock is unable to cross the trendline as seen in today’s trading session when stock pulled back from 823 odd levels. Stock is near its 200 DMA@806. Break of 800 on closing basis can see the stock going down till 760 odd levels in short term.

Buy above 812 Tgt 815.3,820 and 825 SL 809

Sell below 806 Tgt 803,800 and 795 SL 809


Canara Bank

Canara Bank

Canara Bank we covered around 22 March, stock achieved its all 3 targets from our buy levels. Stock is again near the crucial support of 366-368 band, Holding the same bounceback can be expected.

Buy above 372.5 Tgt 375,378.6 and 381 SL 370

Sell below 366 Tgt 362,357 and 353 SL 370



LTLT has been trading in a perfect down trending channel and today stock took support at lower end of channel with the formation of bearish engulfing pattern.

Buy above 1375 Tgt 1383,1391,1398 and 1405 SL 1366

Sell below 1358 Tgt 1353,1345 and 1335 SL 1366

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