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Sell Central Bank Future; target of Rs 121: ABMoney
According to Aditya Birla Money, traders can sell Central Bank Future below Rs 126.90 with a stop of Rs 130.25 for a target of Rs 121, in its July 21, 2011 research report.
According to Aditya Birla Money, traders can sell Central Bank Future below Rs 126.90 with a stop of Rs 130.25 for a target of Rs 121, in its July 21, 2011 research report.
"After seeing a significant rally from the May low of Rs 111 prices took resistance near Rs 132 levels and have been trading mixed subsequently. From an Elliott wave perspective, the said rally from 111 levels can be labelled as an elongated flat post which prices seem to be forming another corrective structure, possibly an x-wave which could take the prices towards the support near Rs 121 in the forthcoming sessions. The 14-day RSI and Stochastic (14/3/3) are moving flat after turning down from the overbought territory while the prices formed a bearish engulfing candle stick pattern in yesterday's session which would be supportive for the expected weakness. On the upside, Rs 128.55/130.25 zone acts as good resistance. Early break above it could extend the gains towards Rs 132 and higher negating the expected dips. Sell Central Bank futures below Rs 126.90, SL Rs 130.25, target Rs 121," says Aditya Birla Money research report.
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