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Published on 13/08/2019 4:27:50 PM | Source: Choice Broking Pvt Ltd

Sell Voltas Ltd For Target Rs.550 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #Voltas Ltd. #Trading Report #Choice Broking #Consumer Durables Sector

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* On a daily chart, the stock has faced resistance of its upper band of Triangle formation which indicates a weakness in the counter.

* Moreover, the stock has started to trade below its 100 Days Moving Average which shows a negative rhythm in the counter.

* On an hourly chart, the stock is on a verge to give a breakout of its Neckline of Head & Shoulder formation which is a Bearish Reversal formation and suggests a southward movement.

* A daily momentum indicator RSI reading is at 45.80 level with a negative crossover which points out for a negative breath in the counter.

* Based on the above technical structure, we are expecting a downside movement in the counter in a few trading sessions.

Recommendation

Sell Voltas Ltd @ 588.00-590.80 Stop Loss 608 Target 550

 

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