After observing a breakout at the strong resistance level of 54 with high volume made this one a good buy. The resistance level of 54 was previously touched 4 times and the price action reversed. But in the recent breakout it made a clear breakout from that level, which makes it a clear winner and buyer. Target: 57-58 SL: 53.30
Those who remember 2008 crash will surely remember Reliance power IPO..It was after this IPO there was a crash in stock markets...After seeing high of 309.4 on 1st may 2008..stock has seen correction to the low of 33.05 on 03/08/2015...This stock can reach much higher levels in years to come....Buy on dips is strategy....
IT HAS MADE A CLEAR BREAKOUT FROM THE PREVIOUS ON-GOING ASCENDING TREND CHANNEL, WHICH STATES A CHANGE IN TREND. RISK-REWARD: 1:4