Intraday Calls and tips for 26th July, 2010 (26/07/2010): Buy MTNL
July 25, 2010 by admin
Filed under Analyst's Corner, General
Intraday Calls and tips for 26th July, 2010 (26/07/2010): Buy MTNL
On the Daily Charts, MTNL is again giving a good sign of a push up, if it crosses its important resistance of 68.20.
The stock is trading above its 50-days SMA (Simple Moving Average) and 20-Days (Simple Moving Average) of 60.99 and 64.93, respectively. Hence, a positive crossover is seen. 14-Days RSI (Relative Strength Index) is quoting at 63.44 on the Daily Charts (RSI below 50 indicates weakness or confirms the Selling signal).
The Positive Directional Index (25.69) is above the Negative Directional Index (15.87) are quoting at almost the same levels, ADX (Average Directional Index) has gained strength and is quoting at 27.73 on the Daily Charts. ADX’s value above 20 and near 40 indicates that the underlying trend is strengthening.
Hence, it is recommended to buy MTNL only if it trades above 68.20 for the Targets of 70 & 70.50, with the Strict Stop Loss of 67.30.
Contributed By: Sonal Natani MS(Finance), ICFAI, Hyderabad.
