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Sell Indian Overseas Bank Oct Fut below Rs 94: IIFL
According to IIFL, traders can sell Indian Overseas Bank (IOB) October Futures below Rs 94 with stop loss of Rs 96 for target of Rs 90, in its September 30, 2011 research report.
According to IIFL, traders can sell Indian Overseas Bank (IOB) October Futures below Rs 94 with stop loss of Rs 96 for target of Rs 90, in its September 30, 2011 research report.
"Indian Overseas Bank (IOB) on the daily chart has retreated from the 'falling resistance' line. The falling resistance line also converges with 10-DMA which is considered as medium term resistance and close below same has reinforced negative view in the counter. The strength on daily RSI has been faltering and it continues to trade below 40. The daily MACD also continues to remain in the sell mode thus corroborating negative view in the counter. We advise going short on IOB October Futures below Rs 94 with stop loss of Rs 96 for target of Rs 90 (Duration 4 days)," says IIFL research report.
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