Rail Vikas Nigam shares have displayed a strong bullish candlestick pattern on daily charts for consecutive four days amidst an overall surge of over 40% in the last four days.


Rail Vikas Nigam shares have surged over 40% in the last four days, with a 19% surge on April 25 alone, despite the consolidation in the broader markets. In the last two sessions held previous week and this week, volumes have remained robust. The record closed at high of Rs. 104.60.

The downward sloping resistance trendline adjoining multiple high swings from November 29 last year. Rail Vikas Nigam is keeping up with its uptrend of trading above all the key moving averages i.e; 21,50,100,200- day EMA.

Past sessions, stock has performed a strong bullish candlestick pattern on everyday charts for another session. Four days in a row it has made highs higher lows for four days continuously.

MACD (Moving Average Convergence Indicator), a momentum Indicator remained bullish on daily and weekly charts records. 

RSI (Relative Strength Index) is at ₹88.50 and 79.50 on daily and weekly scale, which showed a positive crossover and at the same time looked a bit oversold.

Partial Profit Booking was advised by experts with the potential target of ₹120 of the rest.

As per Vidnyan Sawant, AVP of Technical Research at GEPL Capital indicated that RVNL stock has experienced a strong upward momentum which is indicated in it’s high price. Furthermore, time frame charts have revealed a breakout with rising volumes, suggesting a long build behind the current prices. 

He has further advised that profits can be booked here and ride rest of the trend till Rs. 120 level, the top loss must be 98 on the basis of it’s closing.

Exceptional increase in the volume has been noted by the move,which can demonstrate the strength in the price move, as stated by Technical Research Analyst, Foram Chheda. 

She even agrees that considering booking would be prudent and trail the stop loss below 90.

- Kratika Agarwal

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