I am holding HSCL at Rs 126, but the stock did not sustain and turned from there. Should I exit?
- Tamilselvan Subbarayan
HOLD HIMADRI SPECIALITY CHEMICALS WITH A STOP LOSS OF RS 109
HSCL is currently trading at Rs 119. Its 52-week high/low stand at Rs 197/109.50 made on January 15, 2018 and June 6, 2018, respectively. The stock formed a reversal Doji at 52-week high, and thereby fell, making lower tops and lower bottoms till 52-week low. The stock attempted to break the trend but faced resistance yet again near Rs 155 level and has fallen gradually till Rs 111.60 on September 25, which is a trendline support level. The stock bounced back on September 26 with reasonable volumes and 14-period RSI positive crossover. We may see some more upside in the coming sessions and hence we suggest you to hold and exit below Rs 109 which is its next support.