Tuesday, 5 June 2018

KEEP AN EYE ON RELINFRA ON 06 JUNE


sell RELINFRA below 414 TGT 408/400 SL 430

Market summary 05 JUNE 2018 : All the sectoral indices, except energy and FMCG, traded lower with telecom, power, capital goods, utilities losing most. Reliance, SBI, cipla and BAJFINANCE were top gainers, whereas zeel, Bharti Airtel, Yes Bank and idea, Justdial, PEL, BHEL , PFC were among the major gainers.
TOP GAINERS: CIPLA, BALRAMCHIN, TATAGLOBAL AND TATAPOWER, DCBBANK
MAJOR LOSERS: IDEA, RCOM, BIOCON AND IFCI , KPIT
                           
  Reliance Infrastructure Limited is involved in the infrastructure sector primarily through Power and EPC(Engineering,Procurement,Construction) businesses. Primary trend of the RELINFRA  is bearish for now and  After showing correction from the higher level, it is forming continuation pattern in short-term charts, it is likely to continue the negative movement with the breakout of the pattern at the levels of
414; as the stock is managing to trade below its 22&55 , 200 days moving averages with the RSI of 45, one may expect the targets of 408/400 in the stock if it manages to sustain below the immediate strong resistance level of 430. then one may expect the targets of 408/400. on the other hand if relinfra will trade above 430 some recovery can be seen near 440,450 level . 22 ,55 & 200 EMA seen as a strong resistance at 422/431/464.  

DAILY CHART FOR RELINFRA

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