With the news of HDFC AMC providing liquidity up to 500 crores to FMPs, the stock has fallen 6% at a point intraday. Price has temporarily bounced off from 38% FIB of previous swing. That level also being round number of 1800, it could well act as a support. Do notice the rising trendline. Chances are that the candle close could be above the trendline. Hence, it doesn't look good to initiate new shorts unless 1800 is broken.
In fact, from Risk-Reward perspective its a good bargain to go long with stops below 1800.
it got rejected very sharply from previous highs,, looks like a double topping formation
expecting 1700 easily..
surya89trade
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There is a weakness in Reliance AMC as it is a part of ADAG pack ... There is a chance of HDFC to leverage its brand value and increase market share in the long run !!
expecting 1700 easily..