I am holding Kajaria Ceramics bought at Rs 682. What should I do?
- Virendra Rathore
EXIT KAJARIA CERAMICS
Kajaria Ceramics is currently trading at Rs 671. Its 52-week high/low stand at Rs 787.55/Rs 437.30 made on May 10, 2017 and December 30, 2016, respectively. Considering the daily time frame, the stock is currently in the prolonged correction mode after a sharp rally from Rs 600 to Rs 766. The stock kind of formed a double top at Rs 766 level and, thereafter, it witnessed a correction nearly up to half of the prior rally. The fall is supported by higher volumes and though the 14-period RSI is quoting at 33 level, it still shows no sign of a reversal. The stock may fall up to Rs 657 followed by Rs 635. Hence, we suggest you to exit if the next session also witnesses correction.