Sell CESC May future below Rs 286; target Rs 276

According to IIFL, traders can sell CESC May future below Rs 286 for the target of Rs 276 with a stop loss of Rs 291 in its May 02, 2013 research report.

"CESC on the daily chart has confirmed trend reversal after formation of 'bearish engulfing' pattern on Tuesday. The pattern was followed with impressive volumes and exhibit a struggle to cross above its 200-DMA. This chart also forms classic example of negative divergence on RSI and thus corroborates that major upmove is exhausted. To optimize risk reward scenario shorts position should be entered below 50-DMA placed at Rs286. (Duration 5 days)," says IIFL research report.

Bodies Corporate holding more than 50% in Indian cos

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