NeeteshJain

RCOM - BULLISH HAMMER FORMATION

Long
BSE:RCOM   RELIANCE COMMUNICATIONS LTD
Today, the price action took the prices to the previous support level of 47.45 where the buyers entered in the market and took the prices up again to close to day's open. It formed a bullish hammer that indicates rejection of lower prices and high buying pressure. To confirm this formation we shall see a green upside candlestick aiming to reach 53 levels which is the next resistance level .

Target: 53
Stoploss: 47
CMP: 49.20
Risk Reward: 1-3