* The stock reversed after taking support of its daily moving averages and rose to 5-day closing high with relatively higher volume.
* Bullish cross-over in Stochastic and RSI will not only help the stock to surpass its long-term moving average 200-day, but also support it to fill May month’s negative gap.
* As per the current daily set-up, our view is positive on the stock, but some decline cannot be ruled out before it resumes the up-trend as negative cross-over in MACD is indicating the same.
* Hence, fresh long position can be initiated only in the range of Rs80-78 for the target of Rs89-92 and with a stop loss of Rs74.
* In case of major decline, prior base formation (placed around Rs74) will work as key reversal point.
DISHTV (PREVIOUS CLOSE: 82) BUY Fresh long position can be initiated in the range of Rs80-78 for the target of Rs89-92 with a strict stop loss of Rs74.
To Read Complete Report & Disclaimer Click Here
For More Reliance Securities Ltd disclaimer at http://www.rsec.co.in/disclaimer SEBI registration No. INH000002384
Above views are of the author and not of the website kindly read disclaimer