The stock can be sold at current levels and on rise to Rs 109 with a stop loss above Rs 112 and a target of Rs 95, says Ashish Chaturmohta of Sanctum Wealth Management.
Equitas Holdings is in declining mode forming lower tops and lower bottoms on the daily chart. After a gap down day on October 26, the stock has witnessed a bounce back and filled the falling gap area of Rs 121 and Rs 115.
Now the price is again showing reversal and resumed its downtrend. The price has faced resistance at the short-term 21-day exponential moving average and has turned down from that.
The Relative strength index has given a negative crossover with its average on the daily chart. Thus, the stock can be sold at current levels and on rise to Rs 109 with a stop loss above Rs 112 and a target of Rs 95.Disclaimer: The author is Head of Technical and Derivatives at Sanctum Wealth Management. 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.