Railtel Corporation of India Ltd - Breakout Opportunity
Date: 23-Aug-2024
LTP: Rs. 497.30
Resistance Levels: (R1) Rs. 559 --> (R2) Rs. 617 --> (R3) Rs. 722
SL: Rs. 448 on daily close basis
Technical View:
•
RAILTEL is in it's primary uptrend and was recently going through it's secondary downtrend.
• After touching the high of 617.80 on 12-Jul-2024, it has retraced 27% to 448.35 level.
• On 23-Aug-2024,RAILTEL has broke out from it's secondary downtrend with higher than average volume.
•RAILTEL is trading above 20 DMA and 50 DMA. On 23-Aug-2024 it closed above 20 DMA and 50 DMA.
• RSI has entered buy zone and trading at 55.18.
• MACD has crossed over it's signal line and about to cross 0 line.
• Looking good to start a new swing from here.
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Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
LTP: Rs. 497.30
Resistance Levels: (R1) Rs. 559 --> (R2) Rs. 617 --> (R3) Rs. 722
SL: Rs. 448 on daily close basis
Technical View:
•
RAILTEL is in it's primary uptrend and was recently going through it's secondary downtrend.• After touching the high of 617.80 on 12-Jul-2024, it has retraced 27% to 448.35 level.
• On 23-Aug-2024,
RAILTEL has broke out from it's secondary downtrend with higher than average volume.•
RAILTEL is trading above 20 DMA and 50 DMA. On 23-Aug-2024 it closed above 20 DMA and 50 DMA.• RSI has entered buy zone and trading at 55.18.
• MACD has crossed over it's signal line and about to cross 0 line.
• Looking good to start a new swing from here.
Like the analysis? Boost/Like this idea and follow my ID.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
Disclaimer
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