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.