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Sell MRPL December future; target Rs 54.50: IIFL
According to IIFL, traders can sell MRPL December future below Rs 59.50 with stop loss of Rs 62 for target of 54.50, in its November 24, 2011 research report.
According to IIFL, traders can sell MRPL December future below Rs 59.50 with stop loss of Rs 62 for target of 54.50, in its November 24, 2011 research report.
"MRPL, on Tuesday's daily candlestick, Counter Attack Bull pattern was seen. This pattern consists of two candlesticks, Monday's candlestick is black, the second white (Tuesday's candlestick). The second candlestick opened sharply lower but closed unchanged from the Monday's session, suggesting that buyers and sellers are at an altercation point. However, on Wednesday, the stock violated Tuesday's low (Rs 60), failing to finish into the positive zone. It is an arresting candle which has negated Tuesday's move. From the change of polarity principle, a support once broken correspondingly turns into major resistance and we expect the stock to resume its downward trend. Based on above mentioned observations, we recommend traders to sell MRPL December Futures below Rs 59.50 with stop loss of Rs 62 for target of 54.50. (Duration 4 days)," says IIFL research report.
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