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Sell Bombay Dyeing Fut; tgt of Rs 340: Aditya Birla Money
According to Aditya Birla Money, traders can sell Bombay Dyeing futures initially below Rs 361 and then on any rise to Rs 367, with a stop of Rs 376, for a possible target of Rs 340/335, in its July 13, 2011 research report.
According to Aditya Birla Money, traders can sell Bombay Dyeing futures initially below Rs 361 and then on any rise to Rs 367, with a stop of Rs 376, for a possible target of Rs 340/335, in its July 13, 2011 research report.
"Bombay Dyeing, prices rallied above the resistance of falling trend line formed by joining May and June highs last week however failed to sustain its gains and closed below it yesterday. The 14-day RSI is turning down from the higher end of its bearish zone while the very short-term Stochastic (5/3/3) is trending down and is below the equilibrium. As prices also turned lower from the key 100-day EMA and broke the minor swing support near 367 levels sentiment could remain sideways to weak towards the support near 350 and then 339 levels in the forthcoming sessions. On the upside, falling trend line near Rs 370 and then the 100-day EMA near Rs 379 act as immediate resistance."
"Only an early rise above it will negate the expected weakness and turn the sentiments mixed. Sell Bombay Dyeing futures initially below Rs 361 and then on any rise to Rs 367, with a stop of 376, for a possible target of Rs 340/335," says Aditya Birla Money research report.
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