The weekly and daily strength indicator RSI and the momentum indicator Stochastic both have given positive crossover which supports upside momentum to continue in near term, says Rajesh Palviya of Axis Securities.
Moneycontrol Contributor
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Rajesh Palviya
On the daily chart, Capital First has decisively broken out from its consolidation range of Rs 500-450 on a closing basis and has sustained above the same.
This breakout is accompanied with an increase in volumes which supports bullish sentiments ahead. On the weekly chart, the stock price has formed a rounding bottom pattern indicating positive bias.
The weekly and daily strength indicator RSI and the momentum indicator Stochastic both have given positive crossover which supports upside momentum to continue in near term.
The stock price has given a positive crossover from its 50 and 100-day SMA which supports bullish sentiments ahead.
Disclaimer: The author is Head Technical & Derivatives Analyst at Axis Securities. The views and investment tips expressed by investment expert on Moneycontrol are their own and not that of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.First Published on Nov 26, 2018 10:58 am
