Aditya Agarwal
Looking at the daily chart, Voltas reversed after testing its 200-DMA during November 20, 2018. Subsequently, stock descended and broke the upward sloping trend line join from the bottom of its swing low of Rs 472.25.
The daily RSI (14) reversed after testing the 60 levels. Also, the weekly Lower Top Lower Bottom formation is intact.
Hence, we recommend traders to go short in this counter at the current level of Rs 537 with a downside price target of Rs 480. A stop loss should be placed above Rs 570 on a closing basis.
Disclaimer: The author 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.
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