Grasim Industries Ltd

* Most cement counters have been trading in a corrective phase and Grasim is trading in sync with the trend.

* The recent pullback is offering a fresh shorting opportunity as it failed to hold above the resistance zone of long term MA i.e. 200 EMA.

* The chart pattern also indicates the prevailing negative tone to continue.

* We thus recommend creating fresh shorts in the mentioned range.

Technical Chart : Daily

Sell Feb Futs Ltd CMP: 1624.70 Range: 1629-1634 SL: 1655 Target: 1590

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