counters have been under the scanner and this counter after its strong upward run since August 2019 to challenge its former highs formed in March 2019 around 1770 before it succumbed to the selling pressure that emerged at those zones. The sharp decline from these levels are now attracting steady selling interest that has dragged the prices lower. With the prices going once again below the median line
we can observe a more pronounced sell off that can test 1600 levels in the next few days. The inability of the prices to reclaim the median line
on Thursday indicates potential to head lower. With the ADX
DMI setup clearly indicating that the bearish
bias has set in , we could look at the potential to move lower in the next few days. One can consider selling at current levels or use rallies towards 1680-1685 stop above 1705 target 1600.
Idea Sourced From NeoTrader