Trading Nifty, Jubilant Food, Exide Industries, Amaraja Battery & Infibeam Inc using RSI
NIFTY: The uptrend is expected to continue, the RSI is well above the bullish zone and have formed Positive Reversal there. A nice RSI medium switch will further ensure the trend up. We are keeping tap on the charts to confirm the medium switch. 11570 levels are important support levels for the index as of now. If Nifty manages to stay above it, 11990 – 12150 seems probable. A close below it may render corrective moves in the Index.
EXIDE INDUSTRIES: The stock has been in uptrend through out this run. A correction in the past week have landed the prices into a support area (previous breakout area). If Exide sustains above the 293 area on closing basis, then the trend is likely to continue and it may reach 304 – 310 levels. However a close below 270 levels may push the stock into further correction.
INFIBEAM INCORPORATION: The stock has preformed superb in the past month. This streak is expected to continue further. The recent correction may be a chance to catch this uptrend. As long as the stocks trades above 215 levels the trend is safe. In the coming weeks target of 244 – 248 is expected.
JUBILANT FOOD-WORKS: After a long streak of upmove, the stock has been trading in the range for the past few days. Once this range is taken out, the move up is expected to resume. Holding on to 1510 in the short term is important. Keeping heads up above this level will be booster for the trend up to move to 1590 – 1600 zones.
AMARAJA BATTERIES: When previous resistance acts as a support, a very potent setup develops. Furthermore the RSI has been positive and complimenting this support area. A move above 863 levels will ensure the trend strength and the stock is expected to move up to 905 – 920 levels. 815 levels are critical support levels. Have to save it.
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