Shares of Coal India Ltd was on uptrend movement today post news of company’s plan to increase supplies by at least 15 million tonnes annually in the next few weeks, with three new rail projects linked to high-capacity mines almost complete. The scrip reached an intra-day high of 279.90 and closed for the day at 279.05 with 3.26% increase in value in NSE. RSI indicator which is used to measure the momentum of stock based on speed of change in stock price regardless of direction in which price moves is currently in range of 48 to 78 as the signal line continues to move well inside overbought region across intra-day, daily, weekly and monthly charts supportive of upward momentum in near future trading session.
Parabolic SAR indicator and ADX crosses indicator which are used to identify good points of entry and exit have both formed bullish signals in intra day and daily charts supportive of continued uptrend price growth in near future trading session. Similarly Zig Zag indicator which is used to predict reversal of trend in longer time frame without being influenced by any short term volatility has also formed uptrend indication supportive of continued bullish price movement. Expected support and resistance levels for the stock are at 257.20 and 281.71 respectively.
Image : 1 hr intra-day data from MCharts MT4 Platform