Uptrend intact for Reliance Capital

The Reliance Capital scrip on Wednesday surged over 4 per cent, decisively breaching its 200-day moving average, accompanied by strong volumes. Since March, the stock has been in a short-term uptrend. Technically, this break-out has happened after the stock bounced from its support level as well as its 21-day moving average. Support is at ₹335. As long as the stock trades above this level, a rise to ₹368, the next significant resistance, looks likely. The subsequent target will be ₹400.