* On a daily chart, the stock has been trading with a strong Horizontal Trend line support which is placed at 260 level which shows a bounce back movement in the counter.
* Moreover, the stock has formed an Inverted Hammer Candlestick with the support of its Horizontal Trend line support which can be considered as a Bullish Reversal formation and indicates for an upside movement in the counter.
* On an hourly chart, the stock has been trading above its 21 Hourly Moving Average which is placed at 263.50 level which shows a positive momentum in the counter.
* A daily momentum indicator RSI’s reading is at 42.82 level and about to make a positive crossover, apart from this, the RSI has strong support at 40 marks which points put for a positive breath in the counter.
* Based on the above technical structure, we are expecting a good upside movement in the counter in few trading sessions.
Buy Coal India Ltd Nov Fut @ 264.20-265.55 Stoploss 257 Target 283
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