According to price action, NSE:PIDILITIND is showing signs of exhaustion and weakness. Reasons why I think this is a short candidate -
1) Both the Daily and Weekly candles appear to be weak. 2) Future OI has been unwinding long for the last 5 days, and there was short build up in this stock today as well. 3) DTF has formed a bearish marubozu candle. 4) For the targets shown on the chart, one can short with a stop loss of 2560. If the candle closes below 2381 on any given day, expect 2200 in the coming sessions, which would be a good base to go long in this stock.
Let's see how the story develops. Best wishes!
Disclaimer -
- The opinions expressed here are my own. This is for my own records as well as what I see on charts. - If you are referring to this, please keep in mind that it is only for educational and research purposes. - Past performance is no guarantee of future results. - You must accept responsibility for any decision you make. DO NOT TAKE THIS AS AN INVESTMENT RECOMMENDATION. - It's your hard-earned cash. Trade / Invest wisely, keeping in mind your trading style, goals and objectives, time horizon, and risk tolerance. - Before investing, conduct your own research and consult with a financial advisor.
TIA!
Trade active
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T1 done
Trade active
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Stock is consolidating in a range for last 10 sessions. Still think it can do T2 on downisde. Let's see how it all plays out