chakraveer1104

BIKAJI FOODS INTERNATIONAL : SHORT

Short
NSE:BIKAJI   BIKAJI FOODS INTER
United States Based FMCG Company , listed in Nov 2022 is Still waiting for price correction. The subscription stock value which was Rs. 285 jumped to 450 within 3 days and since then there is continuous fight for Price correction. We can see the triangle pattern on the chart where the price was getting continuous rejection from resistance level @ 448.20 , However , the buyers were aggressively not letting the the price below pervious swing. However it seems that the stock has just broken the trend line and price correction may occur any time with break down@ 373.35.
Good stock for Intraday Selling Trade in Bearish Market. The indicators are as under

CMP : 373.35
MA50 : 392.44
MA200 : 355.02
RSI (14): 39.606
ADX(14) : 53.77 ( High Directional Strength )
ATR (14) :10.58 ( Less Volatile )
MACD ( 12,26) : -5.99

Although , we can not ignore the case of Break Out from this range, but I would prefer to with Shorting as the Stock is over priced and need their first price correction. Hence the probability of Break down is much higher than that of break out.

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