Reliance Capital and Reliance Infra stock have seen very unimpressive move in last few weeks. But is this about to change post impressive bounce on Sep 01 2014. Can one hope for trading bounce to the recent highs? Well, that's what traders are counting on.
Here's the Reliance Capital Stock Daily Chart
Reliance Capital stock saw a pretty dramatic rise pre-elections from 100 dma/340 all the way to 660 by 09 June. Post that move, stock turned sideways to down and drifted down to 100 dma again. Yesterday, it bounced once again from the same level. Does this mean bounce back to previous trading high. It appears likely. The stop loss should be placed at 2% below 100 dma.
Here's the Reliance Infra Stock Daily Chart
Reliance Infra stock also bounced yesterday. Reliance Infra peaked post elections and it has been 3 months that stock has done anything. Post yesterday bounce, the hope is once again rally back to recent trading highs
Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers