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Sell Triveni Engg Fut below Rs 100: IIFL
According to IIFL, traders can sell Triveni Engg Future below Rs 100 with stop loss of Rs 103 for target of Rs 94, in its March 7, 2011 research report.
According to IIFL, traders can sell Triveni Engg Future below Rs 100 with stop loss of Rs 103 for target of Rs 94, in its March 7, 2011 research report.
"Triveni Engineering had been on a strong uptrend from fourth week of February 2011. Infact, the stock has surged ~25% in last two weeks. On Friday, the stock failed to cross above its 200-DMA and 100- DMA, resulting in a bearish candlestick. Daily chart suggests that the best is over and that the trend should reverse from the current levels. Volumes have decreased in the past few sessions, thus indicating low participation at higher levels. The RSI too is also showing signs of exhaustion, which also supports selling argument in the counter. Based on above mentioned technical evidences, we recommend traders to short Triveni Engineering March Futs below Rs 100 with stop loss of Rs 103 for target of Rs 94," says IIFL research report.
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