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.
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