The stock of RBL Bank has formed a symmetrical triangle formation on the daily chart and is on the verge of a breakout from the same
BUY VOLTAS | TARGET: Rs 755 | STOP LOSS: Rs 700
The stock has provided a fresh breakout from a pennant pattern on the daily chart and has also been trading in a rising channel. The momentum indicators and oscillators are in the buy mode on the weekly as well as daily scales which hint at a further positive momentum in the counter. The stock has also witnessed a build-up of a long position with the addition of approximately 18 per cent open interest.
BUY RBL BANK | TARGET: Rs 190 | STOP LOSS: Rs 172
The stock has formed a symmetrical triangle formation on the daily chart and is on the verge of a breakout from the same. The momentum indicator RSI has also breached the falling trend line and MACD has provided a fresh buy crossover on the daily chart which hint of further positive momentum in the counter.
BUY COAL INDIA | TARGET: Rs 125 | STOP LOSS: Rs 110
The stock has formed a strong base at around 110 levels. It also surpassed the centerline of the Bollinger band which is called the exponential moving average and now is heading towards the upper end of the band. It also reclaimed its short-term 21-DMA which was placed at 114 levels. The momentum indicators and oscillators have turned positive on the daily chart which hints of a strong pullback in the short term.
Disclaimer: Nilesh Jain is Technical and Derivatives Research - Equity Research at Anand Rathi
Shares and Stock Brokers. He may have positions in one or all of the above mentioned stocks. Views are personal.