Sector- Mining and Mineral Products
Market Capitalization- Rs 99035 Cr.
As the weekly charts indicate, Coal India was in a multiyear downtrend. After losing a lot, it looks as if the whole PSU pack with Coal India are ready to roar back.
A few things to note:
An RSI positive divergence is observed, showing relative strength on the charts
The point where the price action touched the primary long trendline is where the positive divergence made a complete, giving two indications of going long on this scrip
MACD is well placed
The 10-day EMA is crossing the 50- and 100-day EMA from below, again showing strength on charts.
A pullback/selling pressure may be observed here are 160 has been a resistance for the scrip.
A buy once 160 is crossed is advised Target- 240+ Open
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