Dinesh Rohira5nance.com
Redington India continued to consolidate on its long-term price chart, slipping below a price band of Rs 158 levels to form multiple low levels over sustain selling pressure.
Last week the scrip slipped below a long-term moving average level to touch 52-weeks low and thus indicating a sustained pressure on selling regime. Further, the volume support continued to remain subdued over a negative trajectory.
The price chart continued to indicate consolidation phase with a formation of bearish candlestick pattern on its weekly price chart post-breach below important average level.
Further, the secondary momentum trend continued to indicate negative signal with RSI slipping below at 34 coupled with the bearish outlook from MACD trend.
The scrip is facing a resistance at Rs 128 levels and crucial support at Rs 95 levels. We have a sell recommendation for Redington India which is currently trading at Rs 104.20.
Disclaimer: 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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