- On the upside 158-163 may act as potential resistance zone
- Below 146 stock chart may indicate further weakness
One may look to sell the stock either on rise towards 160 or once it breaks below 146 for target of 133 / 122
Take care & safe trading...!!!
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The stock opened higher at 154 and made a high of 156.35.
As charts were indicating the potential of 158-162 to act as resistance zone, we could see the effect of that and the stock could not hold on to the gains and immediately fell to 150 odd levels.
It broke the 146 support level around 3.20 pm and by the end of the day the stock gave in another 5 points making a low of 140.80 again reflecting the weakness which charts had forewarned us.
That's the power of technical analysis for you...!!! It can help you identify levels where you can minimize your risk and maximize your return