The stock is in down trend
trading below previous important low
suggesting further weakness
One may consider selling
RCOM November month Call option
Lot size 14000
Strike Price 17.5
Margin requirement approximately Rs 45000 per lot
Profit potential till expiry Rs 14700 /- per lot
Trading in Futures & Options...
Supports proved to be quite determined in producing a strong recovery. However the rally now has tread into median line resistance and this could now hold back further strengthening next week and push the DX into a range until 94.30 is surpassed.
price reversed from downtrend channel resistance level. it should come down to the channel support level.
sl - 386.5, 1st tgt - 355.5, 2nd tgt - 345.
Note: this is not a short selling advice, as future trading is quite risky.
It is been observed that the price action breaks above the important and strong resistance levels on daily chart indicating a buyers coming back and charging up and also taking control over price action. It shall further move up from current levels.