NSE Stock Market Tips for 25th June, 2010 (25/06/2010): Buy Canara Bank
June 24, 2010 by admin
Filed under Analyst's Corner, General
NSE Stock Market Tips for 25th June, 2010 (25/06/2010): Buy Canara Bank
On the Daily Charts CANBK has made a White Opening Marubozu Candlestick, with a good spurt in volume, thus proving the strength in the stock lying within.
The stock opened above its 20-Days EMA (Exponential Moving Average) of 421.87 and made a high of 431.90 for the day. 50-Days SMA (Simple Moving Average) is quoting at 417.65. Hence, a positive crossover is observed between the two averages.
The 14-Days RSI (Relative Strength Index) is quoting at 56.99 on the Charts (RSI below 50 indicates weakness or confirms the Selling signal).
The Positive Directional Index (19.01) is still below the Negative Directional Index (20.30), ADX (Average Directional Index) has gained strength on the Intraday charts and is quoting at 10.26 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 CANBK only if it trades above 432 for the Targets of 435 & 436, with the Stop Loss of 430.
Contributed By: Sonal Natani MS(Finance), ICFAI, Hyderabad.
