iCharts Discussions

[ipakrashi]

Hi guys

As per the charts IDFC Looks to be in a trading range between 127 to 144, Please refer to the enclosed chart.

I has been showing a rectangle pattern for a long time, indicative of trading activity in the stock. Traders or interested individuals need to look for the level 127 on the downside to enter and 140-144 to book profits, with a stop loss level at 105.

However there is a word of caution that is to be followed while trading this stock:

1. It has weakening MACD which means that the momentum is slowing down
2. The Volumes in the spot markets are at par the 5 day moving averages.

Even the F&O data of 20-8-2009 suggests increase in price in tandem with increase in open interest.

One word of Caution : the NIFTY chart is showing a Bearish descending triangle formation alonwith all the Reliance stocks. Please trade the Reliance pack with caution.

Regards

ipakrashi