Just See, Yesterday's It Was Clearly Written, that Above 2775.50 , Will Hit 2793.50 Mark, Just See It's Hit 2792.90 and Immediately , Retreat from that Level.
NIFTY Future, Now Showing any Strength, Due to Global Recession Worries and Other Domestic Issue.
It's Seems, Highly Volatile Session with Moreover NEGATIVE TERRITORY, Today, Below 2763.50 Bears, Will Eat NIFTY Future, It's Even, Possibel, that BEARS May Drag Down, NIFTY Future to 2747 and then, 2733 Mark....
If NIFTY Future, Breaks the level, of 2724.10 Mark, Immediate Expect a Level of 2711 & 2701,Watch, Out the Levels of 2700.00 , Very Carefully, Below that Mark, Don't Hold Your ANY LONG POSITION.
Nifty Will Show It's Strength Only and Only Above, 2795.10 Mark, Above that Mark, Will Try to Hit 2815 and then, 2825 But, Chances are Very Remote
Indian Overseas Bank
We recommend a sell in Indian Overseas Bank stock from a short-term trading perspective. It is apparent from the charts of Indian Overseas Bank that it has been on a long-term downtrend from its January 2008 peak of Rs 228. Since then, the stock has been forming lower peaks and lower troughs. Moreover, the intermediate and medium-term trend also is down.
On February 2, the stock penetrated a key support level at Rs 60 by declining 3 per cent that reinforced the downtrend. The stock is experiencing heavy selling pressure over the past three trading session. The stock is trading well below its 21 and 50-day moving averages. Both daily and weekly relative strength indices (RSI) are featuring in the bearish zone.
The daily moving average convergence and divergence is also indicating a sell and is hovering in the negative territory. Considering that the intermediate-term downtrend is intact, we are bearish on the stock from a short-term. We expect the decline to continue until it hits our price target of Rs 45.5. Traders with short-term perspective can sell the stock while maintaining a stop-loss at Rs 54.