Aditya Agarwal
Looking at the weekly chart, Voltas failed to surpass its previous all-time high of Rs 675.30 and slipped into a consolidation. As a result, weekly chart resembles series of a narrow range candle which indicates indecisions.
The weekly RSI (14) is struggling to cross 60 levels which indicates a shift in a range. In Thursday’s trade, the stock broke the crucial pivot support which indicates weakness in the counter.
Hence, we advocate traders to build a short position around Rs 625-630 levels with a price target of Rs 570. A stop loss should be placed at Rs 665 on a closing basis.
Disclaimer: The author Head 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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