Technical Pick: Reliance,ITC and JSW Steel

By | April 1, 2013

Reliance

Reliance

Reliance share has broken its medium term trendline and stock gave waterfall decline 823 to 764 in 3 trading sessions. Stock has come near its demand zone of 764 and bounced back sharply in last trading session.Stock is also trading below its 200 DMA which gives bearish indication for short term.

Sell below 771 Tgt 767,763 and 760 SL 774

Buy above 775 Tgt 778,781 and 784 SL 773

ITC

ITCITC share is forming Inverse Head and Shoulder pattern with neckline coming at 311. Stock will make a new life high above 311.Closing above 311 will make the Invese HnS active and target for stock comes around 338.

Buy above 311.5 Tgt 313.3,316 and 319 SL 309.3

Sell below 308 Tgt 306,304.6 and 302 SL 309.5

 

JSW Steel

JSW Steel

JSW Steel had a meteoric intraday rally on Expiry day, stock rising 13% . Stock is unable to take out the downward channel resistance and pulled back. Stock remains sell on rise candidate till the high of 691 is not broken.

Sell below 670 Tgt 662,652 and 640 SL 674

 

Leave a Reply