Short EicherMot Feb Fut at 18950 with Sl-19300 Target - 18250

Reasons for Sell

1. Eicher formed Bearish Marubozu today on daily charts

2. Next Support is seen around 18200 Levels.

3. Resistance between 19250-19500

4. RRR is around 2 which is good

5. Selling with strong volumes.

6.

Risks:

1. Stock is already in down trend

2. RSI at 26 indicating oversold thus chances of reversal.


Trade is at Confidence level of 80%

Hedge the position by buying 19500 CE. The hedge will be used to cover gap up openings due to overnight news if any. The Hedge will be closed/carried based on market opening.

kite.zerodha.com/ext...NSE/EICHERMOT/232961

Comment:

Exit 19500 CE at around 825 with profit of Rs 3000/-

Keep holding the futures Lot.

Comment:

Revise stoploss to 19150 to protect profit earned in 19500 CE

Comment:

Exit the 19500 CE around 720 which was bought yesterday at around 650.