IPO India Information (BSE / NSE)

Wednesday, September 10, 2014

Reliance Capital: A View


After, Modi coming up with new banks license in India all the trader in the stock market are having a keen interest on the stock which is getting the banking license. Among which we have Reliance who is a big player and the chance of getting the permit is very high.

Technical Perspective
The stock is showing the divergence and we can see a falling wedge pattern . On 9th September 2014 the stock had given the positive breakout and the on 10th September 2014 i.e today the stock had shown a Doji. And we can see the can open with a positive note tomorrow. If not; the stock can end up falling to 500 which is the immediate support. And 577 and 670 are the good resistance. The stock has a potential to make a new high.


Additional Observation
The stock is showing negative correlation from last 6 months and we have to see that the patter will continue or the old pattern will repeat