Current price correction of 43% and finding support at 61.8% FR Retracement level are in line with past major corrections. RSI is also turning from its historical Oversold zone. The stage is set for a turnaround in the stock. One can look to invest for a longer term target of a new all time high on the stock with a stop loss of Rs.650!
Stock has come to a strong valid down-sloping trendline resistance. Will the stock continue with its recent up-trend, or will the higher time frame bearish outlook weigh in? For a trade, looking to execute a BEARISH CALL SPREAD. If the stock is to find resistance at the trendline, it might end the July series below Rs.53!
Support turned Resistance zone in Technical Language being displayed here on the chart. With a stop-loss of around 415, yesterday's high, this trade seems quite likely to give good rewards. Let's see how this pans out. Expecting 370 initially, and optimistically a turn from this point could also result in a continuation of the eventual down trend of the stock.