After a sustained upmove, stochastics is showing bearish divergence on weekly charts. Its a perfect short on positional basis for a target of 515/500/485/470. On daily charts it has already given bearish crossover. Weekly charts shows a bearish engulfing kind of pattern. If Nifty corrects then counters which has seen highest upmove in recent times will see a correction. Its safe bid to short it with a stoploss of 560 on closing basis.
Disclaimer: Objective of this post is to educate and help all members earn profit from trading. I am not a SEBI registered analyst and strongly recommend people not to trade in NSE/BSE/MCX market basis above recommendations. All the stock picks are momentum picks chosen using technical indicators and for education purpose only. I am not responsible for profit and losses or SEBI audits arising out of the above calls. Stock market trading and investment is subject to market risks. Contact your financial advisor before taking trades or trade at your own risk.
515/500 target almost achieved. Made low of 496.
Trade closed: target reached:
Position closed as it was taking support near 494 and bouncing back near 500 upon reversal. Anyways first 2 targets reached.