MINDTREE  
   
NIFTY VIEW
Kalindee Rail Nirman - 25-02-2008
(current market price - 461.65)
SECTOR
The scrip from the Railway Sector has been showing strength. The stock has formed an accumulation pattern and it is an ideal candidate for short-term trading.
PRICE
The stock has breached and closed above the resistance of 460 (high of last 4 weeks) with a big white candle formed in daily charts, with more than average volumes.
VOLUMES
The stock had a block deal of 15 lakhs shares on last Thursday indicating institutional interest in the stock.
MOMENTUM
Momentum indicators show bullishness (RSI at 65) (Stochastics is above 80 and rising )
BOLLINGER BANDS
The price has started to tag the Upper Band in the daily charts with the Lower Band beginning to widen apart.
SENTIMENT
Lackluster with very low volumes indicating lesser participation by retail investors.
PITCHFORK
The price is at the median line with a big white candle, breach of which will give a breakout.
STRATEGY
Buy at CMP as well as on dips down to 435-445 with a stop loss of 424 for targets of 475, 496, 525.
NOTE
I thank all of you for all the calls and emails appreciating my article on nifty view (on 21-01-08) just before the market fall. It gives me lot of motivation to keep doing the good work. Hope I keep up to your expectations in future to provide you good market insight.
Regards
Vishal B Malkan
CONTRIBUTED BY
This article is contributed by VISHAL.B.MALKAN.Currently engaged as consultant to HNIs for the equity market. He is a Management graduate(Finance) from Narsee Monjee Institute of Management Studies (NMIMS).He has mastered his concepts of Technical Analysis under the guidance of Dr. C. K. Narayan.He has 10 years of experience in equity markets and is always eager to share his views with others.
Mobile : +919821618517
Contact : vishalmalkan@rediffmail.com
DISCLAIMER
These are recommendations of the author and do not in any way reflect the views of Chartadvise in any way. Chartadvise may or may not agree with the views presented by the guest contributor. This contribution is being made purely in the interest of the reading public and no responsibility is assumed for any profits or losses that may accrue out of this view.