RNRL Breakout

RNRL have again shown breakout after consolidation. Refer the chart.

First target can be considered to be 135. Also do read my earlier posts on RNRL

I would be trying to apply MIDAS and find out the target using the TOPFINDER algorithm.

5400 a good support for Nifty

Considering the On Balance Volume and the movement of the Nifty. I find that the OBV is not making new high as against Nifty. While a good support have come at 5400 level.

In My view till 5400 is broken one can stay long.

L&T Breakout

There is good revaluation occuring in the L&T. Check the attached chart it has gone up and broken the cealing of the trend. This breakout indicates the strong uptrend.

As L&T is a very liquid stock some amount of consolidation will occur in this counter before it gets further upmoves.