A weekly RSI stood at 45 odd levels indicating persistent selling regime, and MACD is also trading below its Signal-Line.
V-Guard Industries continued to trade in a negative trajectory on the weekly basis to fall below its crucial support at 200-days moving average (DMA) placed at Rs 205-odd levels despite managing to close in positive basis on daily basis.
The scrip continued to consolidate from a higher level of Rs 237 towards a low of Rs 191 levels, and made a marginal rebound but failed to close above its crucial support placed around Rs 205.
It formed a bearish candlestick pattern on weekly price chart which resembles a Spinning Top kind of pattern. Further, a weekly RSI stood at 45 odd levels indicating persistent selling regime, and MACD is also trading below its Signal-Line.
We have a sell recommendation for V-Guard which is currently trading at Rs 199.30Disclaimer: The author is CEO and Founder at 5nance.com. The views and investment tips expressed by investment experts on moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.