RVNL STOCK ANALYSIS BY SEBI RA SUDHANSU PANDA
RVNL Stock, after making a high of around 440 in the recent rally stock is falling continuously. Yesterday, the stock hit a low of around 353, which is around 20% down from the top. We always know these stocks are fundamentally strong, but it doesn’t mean the stock will move up daily.
To be very honest, the stock RVNL is now in a no-action zone. But I thought that when roughly the market stays 67% to 70% time sideways, then a retail trader, investor needs to know these price flows in a sideways market situation.
As we can see, the stock is having repetitive support around the zone 300 to 320. Previously time the stock has taken support 3 to 4 times and then moved up towards 440. Now that the zone is very important for the stock to protect itself from further decline. For investors, i would suggest keeping adding this script at dips, and 440 is a double top resistance zone. In the next rally, it will act as a very important level for further price upside move.
In a line, the stock price is in a big range now. From here, it may take time to come up to 400 to 440, but an investor needs to keep watch on frequent price changes in the coming time. If we get this script at a deep low, then that will be a buy for long term with targets like 450 to 500.
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