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Sell Bharat Forge Future below Rs 267: IIFL
According to IIFL, traders can sell Bharat Forge Future below Rs 267 with stop loss of Rs 271 for a target of Rs 259, in its October 3, 2011 research report.
According to IIFL, traders can sell Bharat Forge Future below Rs 267 with stop loss of Rs 271 for a target of Rs 259, in its October 3, 2011 research report.
"Bharat Forge has formed an engulfing bearish line. An engulfing line indicates a possible end to the current sideways trend. The stock was consolidating between Rs 280- 272 in last few trading sessions. The above candlestick pattern creates a potential short-term reversal. A break below Rs 267 levels will see the stock correcting for potential target of Rs 259. Furthermore, the stock gave a close below its short-term moving averages which is likely to trigger immediate correction. Based on above mentioned technical analysis, we recommend traders to short Bharat Forge October Futures below Rs 267 with stop loss of Rs 271 for a target of Rs 259," says IIFL research report.
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