I am holding UBL at Rs 1060, but could not sell the same at the top made recently. What do I do now?
EXIT UNITED BREWERIES BELOW RS 1000
UBL is currently trading at Rs 1123. Its 52-week high/low stand at Rs 1190/Rs 715.80 made on November 8, 2017 and April 18, 2017, respectively. The stock has witnessed a sharp upside since October 25 from a breakout at Rs 860 level up to Rs 1190 level. After hitting almost a double top on November 6 and November 8, the stock witnessed a correction and is trading in correction mode for now. The 14-period RSI has just reversed from the overbought zone with justifiable volumes. Hence, it may correct some more up to Rs 1050 to Rs 1005 levels. In case you are not a risk taker, then book nominal profits now or hold with a stop loss of Rs 1000.