@MuneshV, Ye sir we can, but if you ask the upside potential is less, that's why I did not add suggestion to go long.
As you can see there is good amount of volume accumulation at RS. 79, which will be difficult to cross. Keeping in mind the CMP of 78.30, there is less profit potential in going long.
And as we see from the bounce, there are people opening long positions, but if the price moves downward, it will start taking out their stop losses and will give further boost to the downside momentum.
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Just for educational purpose!
As you can see there is good amount of volume accumulation at RS. 79, which will be difficult to cross. Keeping in mind the CMP of 78.30, there is less profit potential in going long.
And as we see from the bounce, there are people opening long positions, but if the price moves downward, it will start taking out their stop losses and will give further boost to the downside momentum.