Sell Polycab Futs For Target Rs.2,240 - Religare Broking
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Derivative Ideas
POLYCAB shed 4.31% and closed at 2314 on 8th Jun. Broadly the stock had been trading in a range of 2300-2800. The stock has been facing pressure for the last 4 sessions. Now Fresh breakdown is seen on the charts with the violation of trend line support at 2350 levels. The fall happened with good volumes and addition of Fresh Shorts. We anticipate more pain ahead in the stock and thus suggest initiating Shorts in FUTS with the recommended levels.
Strategy:- SELL POLYCAB FUTS @2320-2330, SLOSS AT 2370, TRGT 2240.
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