NCDEX Guarseed – June (O: 3299 H: 3351 L: 3275 C: 3341)
The price of Guarseed has witnessed a smart up move since it registered a low of Rs 2627levels as on 11th Mar, 2011. The key observation to be made on the daily charts is that the price of Guarseed has registered a close above its recent consolidation range of Rs 3332 to Rs 3255 levels. The up move witnessed during the previous session was also on the back of strong surge in volumes. Another sign of strength is that, the price of Guarseed has also been taking good support at its 8 day and 21 day moving averages on pullbacks. The RSI indicator is also in buy mode.
Hence, we recommend buying 50% at current levels and again on dips to Rs 3310--Rs 3290 levels with a stop loss placed below Rs 3273 levels for targets of Rs 3400 and Rs 3450 levels.
The price of Guarseed has witnessed a smart up move since it registered a low of Rs 2627levels as on 11th Mar, 2011. The key observation to be made on the daily charts is that the price of Guarseed has registered a close above its recent consolidation range of Rs 3332 to Rs 3255 levels. The up move witnessed during the previous session was also on the back of strong surge in volumes. Another sign of strength is that, the price of Guarseed has also been taking good support at its 8 day and 21 day moving averages on pullbacks. The RSI indicator is also in buy mode.
Hence, we recommend buying 50% at current levels and again on dips to Rs 3310--Rs 3290 levels with a stop loss placed below Rs 3273 levels for targets of Rs 3400 and Rs 3450 levels.
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