CESC call was given on 29th Feb and it was recommended to sell the stock below 640 levels for downside targets of 550 and 540. It has successfully achieved both targets and closed today at 485.
Bumper profit of Rs 1,12,000 [ 140 Points x 800 (lot size of cesc) ] per single lot.
Follow our chart ideas and mint money on regular basis.
On the weekly and monthly charts, Stock is trading in a range and gives a sharp downside breakdown below 640 levels.
Due to fear of coronavirus, all the markets globally fell in the previous week and the Indian stock market was also shown a panic sell-off in the index as well as in the stocks.
The stock is trading in consolidation and looks weak on the chart. CESC is trading below its 50 days moving average on weekly and monthly charts and we will expect a major downside fall in it. The relative strength index (RSI) is ready to break its average range and enter in the oversold zone with a supportive volume. MACD also gives a negative crossover indication on the chart.
On weekly chart moving average of 20 and 50 days will show a negative crossover with a super trend breakdown below 640 levels with an indication on the awesome oscillator which has clearly indicate the selling pressure in this stock.
Traders can sell below 640 levels. If it breaks and close below 640 levels will see downside movement till 550—540 levels in the coming days.
Support and stop-loss above 670 levels on the closing basis.