In a lack luster market SIEMENS gave a very strong performance followed by the company’s action to buy back its shares. It lifted up the Telecom equipments industry and with that a positive closing for the Telecom sector Index. While the broad indices closed marginally negative to their previous closing, the top 10 India King’s index has closed positive by close to half a percent in its value. This is an advance indication that there would be a intermediate bottom formation on the daily charts and a reversal to bullishness in the lower time frames.
The leaders on the industry groups today was Diamond Jewellery, Electrical Equipments, Oil drilling and Aluminium along with Telecom Equipments.
TATASTEEL, has signaled a buy signal at 642.00 with a stop below the day’s low and a target of 701.00. The risk/reward on this trade is close to 2.00, though the actual rewards are above 2, commissions take a big share of the gains. Hence, this position can be traded on futures for better gains rather than on cash.
No comments:
Post a Comment