Bulls tightened them in Dalal Street on February 9, especially before the RBI monetary policy decision scheduled today. Nifty50 rose almost 200 points (and recovered more than 400 points from the previous day low) to close above the level of 17,460, and the Sensex BSE rose more than 650 points to settle at 58,466, supported by all Bank PSU sectors.
A wider market is also supported by Bulls, with MIDCAP 100 and SmallCap 100 NIFTCAP indices up 1.14 percent and 0.41 percent respectively.
Focusing shares include Abbott India, the rain industry, SBI cards and Indian coal which are four large enhancers in the Futures & Options segment on Wednesday.
Abbott India rose 7.13 percent to close at Rs 16,672.40, followed by the rain industry which rose 5.48 percent at RS 238.60, SBI cards rose 5.41 percent to RS 863.70 and Indian coal that jumped 5, 41 percent to RS 168.60.
This is what is recommended by Jigar S Patel and Broker Stock Rathi that investors must do with this stock when the market continues today’s trade:
Rain Industries.
Rain Industries have corrected around 18 percent of the previous highest Rs 255.8 in recent weeks and has risen back from the 200-day exponential moving average (Dema). Even in the last trading session on the daily chart it gave a good triangular breakout with a large volume and turned positively to have a reversal initial sign.
In front of the daily indicator, 14 RSI period (the relative strength index) has risen from 50 levels along with MACD (moving the average convergence of divergence) to make positive crossover right on the zero line which is a strong sign.
So from an investor perspective that must be added to the current level with the potential reverse RS 280-290 and credible support seen at Rs 215-218.
Abbott India has corrected 35 percent in the past 4 months and is currently placed far below 200 demests on the daily chart. In the stock point it has tested 0.786 percent retracement from the previous swing.
On the Daily 14 period RSI display impulsive behavior at the oversold level with a massive volume which shows that shares have formed the base and are ready to move. So from an investor perspective, one must increase current level with the potential reverse Rs 19,500-20,000 and credible support seen at Rs 15,300.
Indian coal.
Indian coal has corrected around 27 percent from the previous highest Rs 203.8 in the last 5 months and has risen back from 200 demests. Even in the last trading session on the daily chart it gave a good triangular breakout with a large volume and turned positively to have a reversal initial sign.
On the Daily Indicator Front 14 RSI Period has risen back from 50 levels along with the weekly MACD making positive crossover right at zero line which is a strong sign.
So from an investor perspective that must be added to the current level with the potential reverse RS 190-193 and credible support seen at Rs 150.
SBI cards have corrected around 33 percent of the previous highs of Rs 1.165 in the last 6 months and are currently placed far below 200 demests on the daily chart. At present at this daily chart test the potential of the reversal zone of the bullish crab pattern along with 14 Daily RSI period which displays impulsive behavior at oversold levels with a good positive volume.
Also MACD shows a positive difference that shows that stock has formed its base and is ready to move. So from the perspective of investors that must be added to the current level with the potential reverse Rs 1,000-1,050 and credible support seen at Rs 800.
