REC Limited is public sector enterprise which works in the area of rural electrification. With the announcement in the reforms in the power sector, the stock is buzzing.
It is up around 25% since September. The stock retraced from 230-235 levels twice in the last two weeks and consolidating at around 220 levels. On Friday evening though, the stock went up from 222 to 230 levels in the last one hour of trade.
Trading volume was up by 40% and delivery volume was up by 3 times on day-to-day basis which indicates growing momentum in the stock. The stock though has a resistance at around 230 but should be breached this time, as suggested by trading volumes and delivery volumes data.
The stock can be bought at around 228 with target levels of 233 and 240. One may place the stop-loss at 223.
Happy Trading!!!
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