Sell Reliance Capital Ltd - Sell between CMP & Rs.487 :: HDFC Securities

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Current Observation:
 The minor bounce back of Reliance Capital Ltd as per daily timeframe chart seems to have completed near the
resistance, as the stock price declined sharply in today’s session.
 The key overhead resistance of up sloping trend line (blue line-as per the concept of change in polarity) has acted
strongly around Rs.500 levels. The stock has formed bearish candlestick patterns in the last couple of sessions,
before declining sharply today. This could be a beginning of a fresh weakness in this stock.
 The key support of 200day EMA (green curvy line) has been broken around Rs.485 levels today and the stock price
closed below it. This is negative for the underlying trend of the stock price.
 Daily RSI is expected to break below the lower levels of 40 in the next couple of sessions (current reading of 43), as
per its bearish high low range movement of around 60-30 levels.
 Negative chart pattern and weak momentum are indicating a fresh sell trade in Reliance Capital Ltd for near term.

LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3010434