kkrish68 said:
Amit Hope you are well.
Wanted your opinion on Bank of Rajasthan. Currently looks bottomes out, but the charts indicate that it is a good time to get in for short-medium term. Your views on that will be helpful.
On a separate note, Yes bank is giving indications of a bull run (todays close is above 68). It looks set for a major upswing and am waiting for tomorrow;s close for confirmation. regards Kishore
Hi Kishore...I'm well, thanks for asking. How have you been?
I personally look at entry and exits on the basis of tecnical assessment alone of a counter. From this, Bank of Rajasthan may be in a support zone and a sharp downside would appear unlikely, it has not generated a buy signal for me yet. At 55 it is at a level where it has found beating 57-59-62-65 quite difficult. This is the kind of density it has to deal with first, and then 70-72 also. I had written here last night that I prefer to go in on counters that have a decent upside without any immediate sticky levels to the up. A buy in this counter for me would come at a close above at least 65 with momentum and volume.
I'm not too sure about a short term entry as you have suggested, but in the medium term, perhaps yes.
On Yesbank...yes, at 68.65 the momentum seems fine, but it is about to wade into some dense territory in the 69-73 zone. Should the momentum remain, there is a chance that over the next few sessions it may test the higher band of this area, and as it has flaundered here in the recent past, I would be cautious if entered at the cmp or thereabouts. However once in the 73 off area, 71 would give some support in the short run. This would also be my s/l then to take home a couple of bucks. If it breaks past 73-74, sit back and enjoy, keeping a trailing stop.
It would be interesting if you discussed your analysis in some detail when you see certain moves coming on, as mentioned in your query. We could have a nice discussion then.
Regards.