R POWER

R POWER
It’s caught between tight band of 160-180 here is fairly strong support at 160 levels accompanied by some put writing at 160 levels 164 is also a fibo level of the recent rise from march to recent high. R POWER has resistance at 180 odd levels which is provided by the top of the recent flag pattern. Also there is significant call writing happening at 180 and 170 odd levels. Bothe the accumulation-distribution and the RSI line are at crucial point. All-in all the resistance looks heavy and the immediate future will depend on the response and valuations to the upcoming IPO of ADANI POWER and NHPCL