BULLISH INVERTED HAMMER IN RELINFRA

BUY  RELINFRA ABOVE 500 TGT 515/525 SL 480

Inverted Hammer is seen in relinfra, market opens at or near its low. Then prices change direction and we see a rally. However, the bulls do not succeed in sustaining the rally during the rest of the day and prices finally close either at or near the low of the day. It may not be clear why this type of price action is interpreted as a potential reversal signal. The answer has to do with what happens over the next day. If the next day opens above the body of the Inverted Hammer. The longer the market holds above the Inverted Hammer’s body. This may ignite a rally as a result of covered short positions, which may then inspire the bottom pickers to take long positions.

                         Primary trend of the RELINFRA is bullish After showing correction from the higher level, now stock is trading in short term recovery phase, it is likely to continue the upside move in near term with the crossing of the resistance level of 500 as the stock is managing to sustain above the level of 500. One may get the targets of 525,535 in the stock with the stop loss of 480.Overall trend of the stock is bullish. as the stock is managing to trade above its 22& 55 and 200 days moving averages with the RSI of 50 It is likely to experience fresh buying with the crossing of 200 EMA at 520 , where one may keep the targets of 540-550 in the stock with the stop loss of 510.

DAILY CHART FOR RELINFRA: