This stock recorded a sharp reversal on Friday forming a bearish engulfing candle in the daily chart. This move has also made the stock close below both the 200 and 50-day moving averages and also below the key medium-term support at Rs 1,700.
Both the daily and the weekly momentum oscillators are in the sell mode now implying the reversal in both the short and the medium-term trend.
However, the medium term view will turn overtly negative only on a close below Rs 1,528. Subsequent target is Rs 1,300.
The stock could move lower towards Rs 1564 in the near-term. A reversal from here would mean that a move towards Rs 2,000 is again possible. Resistances would be at Rs 1,876 and then Rs 1,937.
via BL
Both the daily and the weekly momentum oscillators are in the sell mode now implying the reversal in both the short and the medium-term trend.
However, the medium term view will turn overtly negative only on a close below Rs 1,528. Subsequent target is Rs 1,300.
The stock could move lower towards Rs 1564 in the near-term. A reversal from here would mean that a move towards Rs 2,000 is again possible. Resistances would be at Rs 1,876 and then Rs 1,937.
via BL
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