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Sell India Infoline Fut; tgt of Rs 70: Aditya Birla Money
According to Aditya Birla Money, traders can sell India Infoline Future below Rs 82 and then on rise to Rs 84 with a closing stop of Rs 86 for a possible target of Rs 70 and lower, in its June 20, 2011 research report.
According to Aditya Birla Money, traders can sell India Infoline Future below Rs 82 and then on rise to Rs 84 with a closing stop of Rs 86 for a possible target of Rs 70 and lower, in its June 20, 2011 research report.
"India Infoline, on the adjacent weekly chart India Infoline at major resistance has formed a bearish Gravestone Doji candle formation. The scrip opened at lower range traded positively with formation of new highs and then at major resistance bears came in and made sure that the stock close right at the lower ends of the opening range and also importantly below the previous week close thus negating the initial bullish sentiment. Resistance is formed through the intersection upper-band of three different channels, 38.2% Fibonacci retracement, and 40/55 Weekly EMA's."
"At such important resistance zone its RSI has formed a DD- with price that too at the upper band of the RSI bearish zone. The possible target for DD- comes close to Rs 70 levels. Also at such important resistance level both in terms of price and momentum, RSI has formed a negative divergence with its derivative. Structurally the move from Rs 62 to the recent highs of Rs 82.70 can be labelled as a-b-c-xa- b-c complex double corrective. Sell India Infoline initially futures below Rs 82 and then on rise to Rs 84 with a closing stop of Rs 86 for a possible target of Rs 70 and lower," says Aditya Birla Money research report.
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