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Trading calls by Osho Krishan of Anand Rathi: Buy RBL Bank, MGL
MGL is on a secular bull run since the formation of its run-away gap and is now comfortably placed above all the major exponential moving averages on the daily time frame
The stock has retraced 50 per cent on the Fibonacci retracement of the recent fall and is currently placed above all the major exponential moving averages on the daily chart. From the past couple of trading sessions, the stock is witnessing some consolidation that could be interpreted as the formation of a base before another set of rally. On the oscillator front, the counter is placed above the mean of the Bollinger band, indicating inherent strength and even the 21 DEMA is witnessing positive crossovers affirming the bullish setup.
MGL is on a secular bull run since the formation of its run-away gap and is now comfortably placed above all the major exponential moving averages on the daily time frame. The stock has even witnessed a sloping trend-line breakout in the recent past and is highly poised to surge higher in near future. On technical parameters, 14 period RSI is heading northwards and even the leading indicator Parabolic SAR is placed below the stock price, affirming the bullish stance.
Jindal Steel has witnessed a consolidation range breakout on the back of an increase in average traded volumes and is expected to surge higher in the near future. The stock is well placed above all its major exponential moving averages and even on the oscillator front; 14 period RSI has rebounded near from the oversold region and is heading northwards with positive crossover. Meanwhile, the price movement towards the upper band of the Bollinger affirms the bullish stance in the counter.
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Disclaimer: Osho Krishan is senior manager - equity research at Anand Rathi Shares & Stock Brokers. Views are personal
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