Bearish Double Top - Capital Goods Index - Expect Correction

Straight Double Top Bearish Pattern on Capital Goods Index - Note this is on weekly timeframe

SL for shorts mentioned
All targets on the chart

Expect downside correction of 10 to 20 % over next 5 to 8 weeks

The index consists of 25 stocks - 8 FnO Stocks & 17 Cash Stocks. Constituents are -

• ABB India Ltd
  
• AIA Engineering Ltd
  
• Bharat Electronics Ltd
  
• Bharat Forge Ltd
  
• Bharat Heavy Electricals Ltd
  
• Carborundum Universal Ltd
  
• Elgi Equipments Ltd.
  
• Finolex Cables Ltd
  
• Graphite India Ltd.
  
• Grindwell Norton Ltd
  
• Hindustan Aeronautics Ltd
  
• Honeywell Automation India Ltd
  
• KNR Constructions Ltd
  
• Lakshmi Machine Works Ltd
  
• Larsen & Toubro Ltd
  
• Polycab India Ltd
  
• Praj Industries Ltd
  
• Schaeffler India Ltd
  
• Siemens India Ltd
  
• SKF India Ltd
  
• Sona BLW Precision Forgings Ltd
  
• Suzlon Energy Ltd
  
• Thermax Ltd
  
• Timken India Ltd.
  
• V-Guard Industries Ltd
  

FnO Stocks are -

• ABB India Ltd
  
• Bharat Electronics Ltd
  
• Bharat Forge Ltd
  
• Bharat Heavy Electricals Ltd
  
• Hindustan Aeronautics Ltd
  
• Larsen & Toubro Ltd
  
• Polycab India Ltd
  
• Siemens India Ltd
  

Let's see which way the story unfolds. Happy Trading!

Disclaimer -

- The view expressed here are my personal views. I am publishing this for my own records and what I see on charts.
- If you're referring to this, please consider this ONLY FOR educational & research purposes.
- Past performance is not a guarantee for future predictions
- Any decision you take, you need to take responsibility for the same. DO NOT consider this as an investment suggestion.
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- Do your own analysis and consult your financial advisor before investing.

TIA!