Trader and investor can buy this scrip around Rs 276 with the stop loss Rs 254 for the target of Rs 322 level.
Narnolia Financial Advisors
Coal India has given falling channel breakout after giving short-term consolidation on daily chart. From last few days, it has been trading in its congestion zone and formed head & shoulder pattern on the weekly chart and double bottom pattern which create buying opportunity in the scrip again.
Breakout is expected above Rs 295 from where it can increase its buying momentum. Moreover, indicators and oscillators are looking oversold which are giving cues for pullback on the upside. By looking all these factors, trader and investor can buy this scrip around Rs 276 with the stop loss Rs 254 for the target of Rs 322 level.