Kajaria Ceramics : Positional Short

After a sustained upmove, stochastics is showing bearish divergence on weekly charts. Its a perfect short on positional basis for a target of 515/500/485/470. On daily charts it has already given bearish crossover. Weekly charts shows a bearish engulfing kind of pattern. If Nifty corrects then counters which has seen highest upmove in recent times will see a correction. Its safe bid to short it with a stoploss of 560 on closing basis.

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515/500 target almost achieved. Made low of 496.

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Position closed as it was taking support near 494 and bouncing back near 500 upon reversal. Anyways first 2 targets reached.