Need to exit the trade if price breaks the .
Retracement at Point B is almost equal to retracement at Point A. Reversal is expected
Stop Loss: 251.41
Target 1 : 262.49
Target 2 : 276.10
For past few days price is moving in a range at monthly level. There are few wigs at around 250 level. This indicates that traders are ready to buy at that level even though there are traders selling a that level.
Today Ambuja's Q3 results were out. Sales volume has fallen. Not looking good. We will get more stable reaction from the market tomorrow.
Price has broken the trend line and it is near 200SMA which can act as a support. However, I feel it won't hold and the price will fall further. The price can fall furhter till 220 - 210 mark.
As of now I would suggest to wait and not to go long.
Also as per current market scenario I would suggest to place stop loss for all the trades that you order