We have a sell recommendation for Avanti Feeds which is currently trading at Rs 475.40, says Dinesh Rohira of 5nance.com.
Avanti Feeds witnessed a sharp correction on the weekly price chart despite its attempt to reverse the trend but failed to vindicate the momentum during a consecutive session to slip from 100-days EMA levels placed at Rs 554.
Further, it witnessed a weak volume support on the weekly basis indicating a sustained pressure on short-term basis. The scrip formed a solid bearish candlestick pattern on its weekly price chart after breaching below important level indicating a sustained pressure.
Further, the secondary momentum trend continued to indicate negative signal with RSI slipping below at 32 coupled with the bearish outlook from MACD trend.
The scrip is facing a resistance at Rs 542 levels and crucial support from 200-days EMA at Rs 407 levels. We have a sell recommendation for Avanti Feeds which is currently trading at Rs 475.40Disclaimer: The author is Founder & CEO, 5nance.com. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.