I had bought Taj GVK at Rs 238 but it fell sharply and I couldn’t exit. What to do now?
- M. Shoaib
HOLD TAJ GVK HOTELS & RESORTS WITH A STOP LOSS OF RS 197 OR A BOUNCE AT RS 210-218 CLS
Taj GVK is currently trading at Rs 198.75. Its 52-week high/low stand at Rs 263.80/Rs 149.20 made on April 24, 2018 and September 8, 2017, respectively. Considering the daily time frame, the stock had attempted a symmetric triangle breakout at Rs 239 level on July 30, but then it consolidated for four consecutive days and gave a sharp fall of up to Rs 200 level witnessing a breakdown at Rs 211 level. Now the stock is consolidating at the lower levels and it is just above its 200-day EMA support level. The volumes have picked up, but the oscillators are yet to cue reversal. We suggest you to hold and exit below Rs 197 or at the bounce back at Rs 210, followed by Rs 218.