Abhishek Mondal
On the daily scale, Voltas has given a breakdown below its strong support range of Rs 491-493 levels. The momentum indicator, Relative strength index (RSI) has made a new low in the oversold zone but with no divergence points out for a negative breath in the stock.
The MACD is continuously trading below the signal line. Based on the above weak technical structure, we are expecting the stock to remain under pressure in the next few trading sessions.
Traders can sell the stock future at current level and can also add short positions on some technical bounce around Rs 486-490 with a stop loss above Rs 498 (closing basis) and for a target of Rs 440.
Disclaimer: The author is Research Analyst, Guiness Securities. The views and investment tips expressed by investment experts on Moneycontrol are his own, and not that of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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