Stockeasy

DEEPAKNTR Intraday stock for 17 May

Short
Stockeasy Updated   
NSE:DEEPAKNTR   DEEPAK NITRITE
DEEPAKNTR
If you analyse that from 5 th may stocks in downtrend ,yesterday it made bearish big candle and if you see stocks now at 0.236 Fibonacci retracement level so it mostly going down its also below 20 day EMA . Am expecting that it ll reach 0 level of fibonacci retracement which is around 1649-52 beacause there is no support in between till 1650 level. so you can short after it crosses 1710 level with around 20-25 stoploss...expecting target 1650 which is 1:2 risk :reward ratio. (chart timeframe hourly)
caution: this is only analysis not prediction so trade with own risk.
Comment:
correction:
short after it goes below 1700 level only SL around 1730-35 as 1:1 risk to reward ratio, target 1660-1640 and if further it goes down our target ll be 1600 level.
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