Dinesh Rohira Founder & CEO, 5nance.com
Prakash Industries continued to consolidate on its weekly and monthly price chart despite attempting to recoup its losses but failed to hold the level to slip below its crucial level.
Prakash Industries Ltd: SELL | Target: Rs159 | Stop loss: Rs 175 | Return: 6%
The scrip took a strong resistance at Rs 168 levels on weekly trend channel which is likely to breach below on the backdrop of weak volume support. The scrip continued to lose about 4 percent on weekly basis and 20 percent on monthly basis.
The scrip continued to form a solid bearish candlestick pattern on its weekly price chart with price currently trading below all the levels. Further, the secondary momentum indicator continued to indicate negative signal with RSI at 36 levels coupled with weak support from MACD indicator.
The scrip is facing a resistance at Rs 177 levels and strong support at Rs 156 levels. We have a Sell recommendation for Prakash Industries which is currently trading at Rs 169.10
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