Sell V-Guard Industries, target Rs 150: Aditya Agarwal
Traders are advice to build a short position in a range of Rs 180 to 182 with a price target of Rs 150. A stop loss should be placed at Rs 194, says Aditya Agarwal of Way2Wealth Brokers.
October 01, 2018 / 10:15 AM IST
Looking at the weekly chart, V-Guard Industries has formed a Bearish Head & Shoulder pattern and off late, the stock confirmed its breakdown from the said pattern. The weekly RSI (14) convincingly closed below the 40 mark which supports our hypothesis.
Also, on the weekly scale, we are seeing a formation of Lower Top Lower Bottom formation. Hence, we expect this stock to correct further from the current level and therefore traders are advice to build a short position in a range of Rs 180 to 182 with a price target of Rs 150. A stop loss should be placed at Rs 194.Disclaimer: The author is Head of Technical Research, Way2Wealth Brokers Pvt. Ltd. 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.