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Rites Pacing Ahead On The Right Track

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RITES Ltd is a newbie in the secondary market as it recently got listed on the bourses on July 2, 2018. RITES is a Mini-Ratna company formed under the patronage of the Indian Railways. The company is involved in transport consultancy and engineering sector in India. The company has diversified services and extensive geographical reach, all under one roof. During the span of around 44 years, the company has undertaken projects in over 55 countries in Asia, Africa, Latin America, South America and Middle East regions. 

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Chennai Petroleum reaches near trendline resistance

Vinayak Gangule / Article rating: 5.0

Chennai Petroleum Limited reached near its downward sloping trendline formed by connecting highs from January 2018, on the weekly time frame. This coincides by the stock's long-term moving average, i.e. 200-week exponential moving average, which is currently placed at 283.20 level. After registering its 52-week low, the stock is trading in a range for the last nine weeks along with low volumes, which indicates it is just a pull-back and the original downtrend is likely to resume soon.

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