5165 on the downside will act as a strong support as this level acted as a resistance since the last2-3 menths. Blue line is the last support for bulls, below which all short term rallies would end. Red line is the resistance line from which the Index should bounce back or take a support. Green line ( support line) + Red Line ( Resistance Line), both lying at around 5170 will act as a major support.
Stock View: IDBI
Since October 2009 the stock is trading between the parallel lines. There are two ways of trading this stock. First is wait for the breakout above 140 and then only buy it for target of 160. Second is use method of pyramiding, buying the first tranche at around 130 levels and second at around 120 levels and holding it for short term for targets of 160 & 180.
Stock View: RCOM
After hitting a low in October 2009, the RCOM stock was rangebound between around 170-185 levels. Now the stock has given breakout above 185 and should be able to achieve Min target of 200. So the stock is a buy on dips with an intial target of 200. Above level of 200 if sustains can very well do 225 in short term. The stock has also been underperforming against its telecom peers so its time to play some catchup.
Have a wonderful trading day
Regards
Ankit
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