Stock Tips and Share Trading Ideas for 30th July, 2010 (30/07/2010): Buy Canara Bank
July 30, 2010 by admin
Filed under Analyst's Corner, General
Share Tips and Stock Trading Ideas for 30th July, 2010 (30/07/2010): Buy Canara Bank
On the Daily Charts CANBK has made a Long White Candlestick, after making a White Candlestick on the previous trading session with rising volumes.
Both the moving averages, 50-Days SMA (Simple Moving Average) and 20-Days EMA (Exponential Moving Average) of 442.23 and 470.85, respectively are indicating the positive crossover. Stock’s 14-Days RSI (Relative Strength Index) is quoting at 64.59 on the Charts (RSI below 50 indicates weakness or confirms the Selling signal).
The Positive Directional Index (34.36) has crossed the Negative Directional Index (13.74), ADX (Average Directional Index) has gained strength on the Intraday charts and is quoting at 40.44 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 488 for the Targets of 492 & 500, with the strict Stop Loss of 480.
Contributed By: Sonal Natani MS(Finance), ICFAI, Hyderabad.
