THOSE WHO WENT LONG ON VEDANTA @ 220 , GOOD TIME TO BOOK SOME PROFIT AS IT HAS FACED RESISTANCE AT THE RESISTANCE ZONE. THE STOCK MAY SLIDE BACK TO 230 - 235 ZONE
Comments
rinkesh
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seems good, its also dropping from 50 Day EMA!
stocksinboxx
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@rinkesh, I have only suggested to book profit @ the resistance zone for traders whom i had suggested a buy @ 220. shorting a stock which is trading above 20 DMA is risky
rinkesh
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@stocksinboxx, just wondering, when stock was trading at 220 below 20 DMA, wasn't it equally risky to go long on stock?
stocksinboxx
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@rinkesh, it was the 200 DMA level where investors & institutions are waiting to buy the stock. risk was minimum...that's why took a chance :-)
@stocksinboxx, thanks,that's interesting and smart. :)
sbhirang
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How u are calculating resistance zone... its not closed to 200 DMA
stocksinboxx
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@sbhirang, Resistance zone has nothing to do with 200 DMA. If you see the chart carefully it is the area where price has reacted the most. i have suggested to book profits and not to short vedanta. one can re-enter the stock on break of resistance zone or at lower levels like to 20 DMA