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Drumbeat: Ad Buzzaar
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Wednesday, July 29, 1998
IFCI likely to remain bearish
Deepak Singh Tanwar
July 28: With the latest fall to Rs 23.60, the stock price of IFCI has broken the major support level of Rs 25.50. This is a major bearish sign and as the chart position is extremely weak, the chances of a fall are greater.The theory of a further fall is confirmed by rising volumes. The latest fall has been supported by increasing volumes. The oscillators like MACD and RSI are also at their lowest levels and hint at bearish outlook. The moving averages are also in negative phase. As such, for investors an exit at the current level makes sense. Re-entry can be considered at lower levels. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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