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Last Updated : Jan 28, 2019 10:53 AM IST | Source: Moneycontrol.com

Sell Graphite India with target Rs 530: Dinesh Rohira

It formed a long bearish candlestick pattern on both daily and weekly price chart.

Moneycontrol Contributor @moneycontrolcom
 
 
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Dinesh Rohira

Graphite India continued to trade in a negative trajectory for an extended period to fall below its crucial support of Rs 670 odd levels in the previous session while it also breached its 200-days moving average on the downside placed at Rs 818 levels.

The scrip continued to consolidate from a higher level of Rs 1120-1050 odd levels towards a low of Rs 770 levels, and made a strong rebound towards 1000 odd levels which failed in the later period.

Close

The scrip made a 52-weeks low of Rs 555 levels in the last trade which indicates sustain selling pressure. It formed a long bearish candlestick pattern on both daily and weekly price chart.

Further, weekly RSI stood at 29 odd levels indicating persistent selling regime, and MACD continued to trade above its Signal-Line. We have a SELL recommendation for Graphite India which is currently trading at Rs. 552.95.

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First Published on Jan 28, 2019 10:50 am
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