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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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DISCLAIMER:

The information on this trading blog represents my own opinions & does not contain a recommendation for any particular security or investment. I may hold positions or other interests in securities mentioned in the blog.

Trading futures and options involves the risk of loss. Please consider carefully whether futures or options are appropriate to your financial situation. Only risk capital should be used when TRADING FUTURES or options. You must review customer account agreement prior to establishing an account. Investors could lose more than their initial investment. You must review customer account agreement prior to establishing an account.

Past results are not necessarily indicative of future results. The risk of loss in trading can be substantial, carefully consider the inherent risks of such an investment in light of your financial condition.

Trade on your own risk. Bharat Jhunjhunwala or ProRSI will not be liable for any type of damage evolving out of the trades taken by you.