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Sell Tata Power December future; target Rs 89.50: IIFL
According to IIFL, traders can sell Tata Power December future below Rs 93.50 with stop loss of Rs 95.50 for target of Rs 89.50, in its November 23, 2011 research report.
According to IIFL, traders can sell Tata Power December future below Rs 93.50 with stop loss of Rs 95.50 for target of Rs 89.50, in its November 23, 2011 research report.
"Tata Power has broken down below the lower trendline of a trading channel which also coincides with lower Bollinger Band support, which suggest that the likelihood of upside over the short-term has diminished. For now, the risk/return of establishing long positions is less than ideal. Tata Power in last few trading sessions, had twice bounced back from the above mentioned support levels and in yesterday's session it closed below it. Moreover, appearance of falling tops signifies the bulls inability to form higher highs. Based on above mentioned technical evidences, we recommend traders to short Tata Power December Futures below Rs 93.50 with stop loss of Rs 95.50 for target of Rs 89.50," says IIFL research report.
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