REC LTD

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Can I en­ter REC Ltd at CMP?

AVOID REC FOR NOW

REC Ltd is cur­rently trad­ing at Rs.154. Its 52-week high/low stand at Rs 223.80/Rs 113.10 made on May 9, 2017 and Novem­ber 9, 2016. Af­ter tak­ing mul­ti­ple re­sis­tances at its 52-week high lev­els, the stock is seen trad­ing with lower tops and lower bot­toms. Con­sid­er­ing the daily time frame, the stock is con­sol­i­dat­ing at Rs 155 level af­ter a sharp three-day fall from Rs 171.70 level, creat­ing a Doji at the end of third ses­sion. The stock has a trend­line break­out at Rs 174 level, which is far off. The 14-pe­riod RSI quot­ing at 39 and low vol­umes sug­gest lack of mo­men­tum. Hence, we sug­gest you to avoid the stock for now as be­low Rs 148, the stock may fall some more.

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