warning: this idea is to journal my findings for my personal use. Advising you to do your own analysis before entering
There is a recent pivot, planning to go for a small profit and keeping tight stop loss
Rites has quite strong support in range of 260
So can be bought at 260-265 for target of 295
with closing SL of below 257
but as we cant tame the market so
a close below 258 will open the gate for 238-240
There is a momentum with railway stocks, IRCTC bumper listing plus RITES giving huge returns. The stock is now retesting with lower volumes and looking at the candles near the retest zone, one can safely assume that either the consolidation is going to happen or uptrend will continue.
One can keep a stop of anything below 255-256
RITES IS EXPECTED TO GO DOWN TO LEVELS OF 275 / 265 AND 257, IN THE COMING WEEKS.
IT IS BETTER NOT TO ENTER AT THIS LEVEL.
STOP LOSS CAN BE MAINTAINED AT 284.
RITES LTD :- Perfect structure for cup & Handle pattern, lets see if follow & gives a breakout above its handle.
CMP :- 273.80
Dt:- 27-nov'18
NSE:RITES
RITES
