I have entered in Munjal Showa at Rs 237 level, but the stock reversed. What should I do now?
HOLD FOR NOW AND EXIT MUNJAL SHOWA BELOW RS 212
-Tanmay Rakshe Munjal Showa is currently trading at Rs 215.10. Its 52-week high/low stand at Rs 312/Rs 197.65 made on January 9, 2018 and March 26, 2018, respectively. Considering the weekly time frame, the stock was trading in a range of Rs 156 and Rs 241 and gave a breakout on September 8 week. The stock surged up to Rs 312 and witnessed a double top, from where it reversed and fell up to Rs 197.65 level. This is the upward sloping trendline support level. In the recent week also, the stock is trailing at its support level with turnback in the oscillators. The stock looks weak, but it has attempted a bounce-back on the daily time frame. Hence, we suggest you to exit below Rs 212, which is its current low.