I don't think the support would hold. From an EW perspective, RBL Bank has completed a 5 wave impulse at 650. The downmove from 650 has also started as an impulse, indicating that this is going to be a deep correction & could even head to make a new Life-time low in the next 2-3 years.
For the immediate term, I expect RBL (CMP 512) to show the following movement - Head towards 490-495, then move back up to 533-537 and then head back down to 477-483, all of this playing out by Mid October..
practicalbull.mmb
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As mentioned, Today's low was 491 amd then it went up to make a high of 532.90 (I'd mentioned 533) :)
Time to turn around from around these levels and head down towards 467 (had erroneously mentioned 477 in the previous message) now.
For the immediate term, I expect RBL (CMP 512) to show the following movement - Head towards 490-495, then move back up to 533-537 and then head back down to 477-483, all of this playing out by Mid October..