REI AGRO Limited : Short Term Investmet
REI AGRO Limited
This counter staged a turnaround during April 2009 with a long-bullish candle signaling renewed buying enthusiasm. Prices slipped into side-ways movement for next few weeks but positive sentiments prevailing in the counter helped longs scale higher grounds. The psychological level of 100 proved to be a resistance with stock sliding lower from this level. Daily chart reflect stock discovered support near its April low during August 2009 and has been oscillating at lower levels since then. As can be further seen, bulls have been strongly defending the value area of 40, signaling strong buying interest near this area. Current week is witnessing an attempt by bulls to advance after the consolidation and with volumes picking up suggests that bulls are gathering steam. Momentum too has been taking support of 40 since past many months, indicating that longs have been actively favoring this counter. With prices expected to surge higher, we recommend a buy in this counter.
Entry : Buy above 49 & dips to 43-44
Stoploss : Below 40
Target : 58 / 66
Source : IDBI
Popularity: 10% [?]
Category: Broker tips, Short Term
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