JSWSTEEL - Metal sector is weekJSW Stell is trading in channel from past few days and currently formed bearish engulfing patterns as metal sector is weak.
It formed minor support at 165.
Incase if breaks this level, we can expect further downside upto 155 levels, but incase if bounce from the support level .. look for long above 172.
Shortsetup
SRTRANSFIN - Bearish / weakSR Transport Finance - repeatedly getting rejected from the same level of resistance.
Currently formed bearish engulfing with good volumes and
Below 682 - can expect good downside ... upto 657 levels.
CENTURYTEX - Bearish / Weak at current levelsCENTURYTEX - rejected from previously formed resistance.
If we draw trendline from recent low, its clearly acting as support line.
If breaks below 324 levels from current levels, we can expect good downside upto 310 levels.
GRASIM - Breaking trendline - Short or Long Grasim - from past few days, trading in range.
Currently on lower band of the range and also breaking trendline support.
If continue to trade below 517 levels, we can expect further downside - upto 500 below.
Incase if stock respects trend line support and bounce back - can look for long above 529 levels and can reach upto 550 levels.
Short trade in CIPLAThe Pharma sector is been pushed up based on the idea that due to corona the pharma sector will benefit. But one can certainly say that there is no structural or fundamental change in the business. Hence I think this rally in pharma is only temporary.
Based on the delivery % and depending on the total traded quantity. I think from 13/04/2020 the stock will start moving down toward 488.
total traded quantity was increasing from past two weeks but the delivery percentage kept on decreasing.
This was followed by a shooting start candle stick pattern near the resistance.
Trade setup for BankniftyPersonally, I feel Banknifty is in a downtrend as the US just released their unemployment data, which has increased compared to the previous year
Take trade according to your risk capacity and analysis
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