tarunghansala

Godrej industries possible downtrend

Short
NSE:GODREJIND   GODREJ INDUSTRIES
This stock is taking support at 551 level making lower highs at hourly chart.
551~ zone is a previous swing high and dec2018 high also on weekly chart so its an important support level but chart suggest that it can break this level.
551 is a weekly pivot level also.
Need to wait for 1 week after that this stock can fall to near 500 levels.
Comment: Now showing short term strength on hourly chart, I am going to buy for target of 535.
Comment: SL-522
Comment: made high of 544 :)

Comments

I have taken 1000 stock @560.90. I am in trap now. How long can i hold it? Sir, any idea.
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tarunghansala impossibleChar13809
HI @impossibleChar13809, At this point of time I also cant guess where it will go as major support is placed near 500 to 510 and major resistance is placed at around 550. It depends on your risk appetite. Better to exit 50 % now and then wait to touch the next support/resistance and then decide according to chart patters.
For future make a thumb rule never risk more than 1 % in a single trade and then decide qty according to it. Follow stop loss strictly.
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