NAVBHARAT VENTURES
From the weekly technical charts, it was noted that it was in steady uptrend and made successive higher tops and bottom. After making its top around 352 levels in Jan 2008 the prices slipped in corrective mode along with other market player and declined towards the supports due to its 62% retracement of its last rising swing around 163 levels as well as its 89 Week MA. Bouncing from its multiple supports, the recent sets of candles were seen breaking its resistive trendline. In line, the RSI momentum indicator has also turned up from 40 levels implying that the long term uptrend is still intact. Overall picture looking good, one may buy now as well as on dips with targets to look for 267/298/329 levels. Stop at 195 levels.
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Tags: navbharatventures
Category: Short Term
