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.
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