Technical Analysis of Indian Equities by Nooresh

Reliance Capital – Range Breakout target 430/460

RCAP

 

Reliance Capital

 

There are around 3-5 attempts at the 390-395 mark in the last 6 months. The last couple of times the stock saw a violent fall to 310-320 where it almost looks like a double bottom.

 

Sustaining 395 opens up a move to 430/460 in the short term and maybe higher also all the way to 500. Looks like a nice Channel / Range breakout or even a cup and handle.

 

Given the stock is highly volatile as always the case with ADAG group stocks keep a stop of 380.

 

 

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Nooresh Merani

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Article by Nooresh Merani

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