Federal Bank Looks a good Shorting Candidate as FRESH FNO Shorts initiated today. Look for Targets of 96 with SL of 106. CMP: 102.15
FEDERALBNK closed almost at Lows of day Creating Marubozu bearish signifies further downfall if tomorrows open is down.
Could not close above 104. With Low of day at 102.1.
Higher than average volumes signifies buying at psychological level 100.
Still we would proceed further with open trade and SL of 106.
FEDERALBNK consolidated today inspite we had a better than average buying yesterday. and made a high of 103.85 which is lower than yesterdays high. Further more BANKNIFTY itself seems to be consolidated for the day. Wait for Target of 96.
FEDRALBNK reaches 97.75 todays low around 10.30
Book 70% profit here as stock might rebounce as well.