Grasim will be announcing its Quarterly Results today. Start of the day looks weak, giving a hint towards expected results. Corrections in the current up-move comes to 61.8 FR level, hence one can take an Intraday short trade for a target of 1100 with a stop loss of 1136.
Grasim has retraced to 78.6% level and stocks usually reverse from here.
Use strict SL as it is against trend.
Go long at or above 1150 with SL at 1104 for T1 - 1177 T2 - 1200 and T3 - 1223
Stock managed to break on the negative side of the channel previously i had given lot of buy calls on the stock, but due to the channel breakout its time to go short
although it was given a huge breakout already i belief that there is further downside momentum in the stock.
Reason the stock just closed below its crucial support of 1131 and now will find resistance...
Stock is currently trading in a proper channel
where the lower T/L has been touched 4 times and rebounded
showing strong support
The upper T/L has been touched 2 times and the market has rebounded
But most importantly RSI has spiked up
stock ended up closing above the previous day closing
There might be a slight pressure around 1190-95 zones because it has...
