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Trading is not a sprint; it is boxing. The market will beat you up, screw with your head, and do anything it can to defeat you. But when the bell sounds at the end of the twelfth round, you must be standing in the ring in order to win.
After Looking at Reliance Capital Stock i wonder what can be the bottom of the stock. Stock has been falling relentleely from high of 2900 to low of 275 . Stocks looks quiet oversold on charts and a technical bounceback is on cards provided it starts trading above 296.Close above 296 will get the stock ready to move towards higher targets upto 330.
If you see the Monthly charts Rel capital took support at 275 which was 2008 Monthly low also. So on Longer term chart Stock has made a double bottom and which is extremely bullish sign.
Conditions are ripe for a counter trend rally looking at overall bearishness and deeply oversold daily charts with a condition close/trade above 296.Positional trades can also take it for delivery by keeping a Sl of 270 on closing basis.
Resistance for bank nifty is 9034. Above it stock will move quickly towards 9174 levels.
Buy above 9034 Tgt 8129,9174 and 9224
Sell below 8820 Tgt 8706,8626 and 8587
Above 788 the short term trend in stock will turn up and it can head towards the downward trending live market in chart.
Buy above 776 TGt 788,797 and 806
Sell below 753 Tgt 740,734(Gap Filling will take place below 753)
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