Dinesh Rohira
Gruh Finance witnessed a sharp correction on the weekly price chart despite making a decent move on the upside. The scrip came under pressure last week as it lost about 11 percent on weekly basis and slipped below the short-term moving average level of Rs 330.
It also witnessed a negative volume support indicating a sustained pressure on short-term basis.
The scrip formed a solid bearish candlestick pattern on its weekly price chart after breaching below important level indicating a sustained pressure.
Further, the secondary momentum trend continued to indicate negative signal with RSI slipping below at 39 coupled with the bearish outlook from MACD trend.
The scrip is facing a resistance at Rs 337 levels and crucial support from 100-days EMA is placed at Rs 305 levels. We have a sell recommendation for Infibeam which is currently trading at Rs 322.45 for target of Rs 309 per share.
Disclaimer: The author is Founder & CEO, 5nance.com. 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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