Category Archives: Technology Stocks
Reliance Stock Analysis-25Feb2020
Reliance Industries Ltd (RIL) continued its correction after failing to cross 50 day SMA at 1510, and has lost nearly 100 points in last 3 trading sessions. Investors will observe that Reliance stock has been correcting rapidly but gaining slowly in the last 2 months. That’s because the stock is in sell zone, just like Nifty, and rise is slower and fall is faster. The lower supports are currently at 1400 and 1360. The chart is looking weak and Reliance stock has to come above its 50 day SMA to become bullish again, and that will probably coincide with Nifty index also coming into a buy zone.
Investors can use these corrections to accumulate the stock. But Traders should avoid any new long positions currently. Above 1500, fresh long positions can be created for target 1550-1560.
TCS Stock Analysis-07Feb2020
TCS stock closed on Friday, 7th Feb at 2136, while the 50 day SMA is at 2156.
TCS Technical Analysis: The stock made a triple top at 2244, and a failure to breakout created significant selling pressure, for correction till 2070. 10 day SMA below 50 day SMA is not a healthy sign, and many frontline stocks in India market (Nifty50) are showing this pattern.
TCS stock has been closing below its 50 day SMA for last several days, but with higher daily low, which indicates that stock maybe ready to rise further. Fresh long positions should be created above 2180 for target 2250.