RPL . . .approaching next support Rs 150/-!

The Nifty is in a strong downmove and I had indicated a couple of days back that the Stochastic Oscillator is likely to remain in oversold zone. This was because oscillators have a tendency to remain oversold in trending down markets (This has been also explained in my book)

RPL . . .



I had analysed RPL some days back and indicated selling below Rs 197 to a down target upto Rs 183... The scrip has exceeded the down target and is , like Reliance Ind, forming a rounding pattern.

The Rounding pattern down target is near Rs 150 and I presume the scrip is approaching that level.

Consider Rs a close above Rs 184 only as a negation to this pattern. Till then the target remains!

Happy trading!

CA Rajiv D Khatlawala