Wait to see if IFCL clears short term resistance levels: Rajat Bose
"IFCI initially needs to cross 41 to about 43. If this range is crossed, then technically the stock shows the first sign of a reversal."
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| Rajat Bose, rajatkbose.com in an interview with ET Now talks about IFCI.
What is the call on IFCI?
IFCI initially needs to cross 41 to about 43. If this range is crossed, then technically the stock shows the first sign of a reversal and for the reversal to be sustained, then it needs to cross a major resistance around say 47 to about 49. If you notice around those levels, lots of trading happened in the last month and then IFCI cracked. So once we cross say 47 to 49 or say 50 for that matter, then IFCI would signal a key reversal.
In fact just above 50 is the 200 exponential moving average is also located. Going above, it would signal a turnaround for the stock. So this is too early to say that there is a reversal or there is likely to be good amount of recovery but at least in the short term in the last couple of trading sessions, we have seen some kind of buying interest coming back to the stock. Let’s see if it can clear the short term resistance levels or not.
What is the call on IFCI?
IFCI initially needs to cross 41 to about 43. If this range is crossed, then technically the stock shows the first sign of a reversal and for the reversal to be sustained, then it needs to cross a major resistance around say 47 to about 49. If you notice around those levels, lots of trading happened in the last month and then IFCI cracked. So once we cross say 47 to 49 or say 50 for that matter, then IFCI would signal a key reversal.
In fact just above 50 is the 200 exponential moving average is also located. Going above, it would signal a turnaround for the stock. So this is too early to say that there is a reversal or there is likely to be good amount of recovery but at least in the short term in the last couple of trading sessions, we have seen some kind of buying interest coming back to the stock. Let’s see if it can clear the short term resistance levels or not.
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