Stock for the week (2nd – 6th May ’11)
Indian Oil Corporation
It is looking strong on charts as it is being consolidating with positive biasness from last many trading sessions. It is currently trading above its 10 days and 50 days moving average with 61.83 RSI in daily charts. If it manages to sustain above the level of 345, we may expect an up rally in the stock, one could go for long position in the stock above 345.70 for the targets of 355/365 with strict stop loss at 330.
It is looking strong on charts as it is being consolidating with positive biasness from last many trading sessions. It is currently trading above its 10 days and 50 days moving average with 61.83 RSI in daily charts. If it manages to sustain above the level of 345, we may expect an up rally in the stock, one could go for long position in the stock above 345.70 for the targets of 355/365 with strict stop loss at 330.
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