October 30, 2015
Tata Chemicals (NSE Cash)
SELL
` 424
` 411 - 413
` 388
5-10 sessions
403
386
417
423
Bearish
Source: Falcon (Chart time - IST 13.48)
Since July month high of 515.48, this stock has been trading with a negative bias.
A recent recovery from lower levels is now facing a strong resistance around the daily ’89 EMA” level
of 420. .
After few days of consolidation, this stock is now on the verge of resuming its higher degree
downtrend by confirming the ‘Long Legged Doji’ pattern formed on October 27, 2015.
In addition, the ‘RSI-Smoothened’ indicator is now showing negative crossover and thus, indicating
weakness.
Looking at the above technical evidences, we advise traders to sell this stock from current level
to a bounce up to ` 413 for a target of ` 388 in coming 5 to 10 trading sessions. The stop loss
for this trade set up can be kept at ` 424.
October 30, 2015
Tata Chemicals (NSE Cash)
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