MUN­JAL SHOWA

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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.

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