EICHER MOTORS LTDShort
Short EicherMot Feb Fut at 18950 with Sl-19300 Target - 18250
Updated
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/chart/NSE/EICHERMOT/232961
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/chart/NSE/EICHERMOT/232961
Note
Exit 19500 CE at around 825 with profit of Rs 3000/-Keep holding the futures Lot.
Note
Revise stoploss to 19150 to protect profit earned in 19500 CENote
Exit the 19500 CE around 720 which was bought yesterday at around 650.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.