I bought stocks of Nava Bharat Ventures at higher levels, and presently, the stock is quoting at lower levels. Can I average at current levels?
- Sai Krishna
AVOID ENTERING NAVA BHARAT VENTURES FOR NOW
Nava Bharat Ventures is currently trading at Rs 125.10. Its 52-week high/low stand at Rs 184.20/Rs 108.10 made on January 15, 2018 and October 8, 2018, respectively. On the weekly time frame chart, after hitting its 52-week high, the stock is trading in a zigzag movement. The stock gave bounce from its 52-week low, but with relatively very low volumes. On the daily time frame, the stock is trading below its important long term moving average, i.e. 200-day EMA. Moreover, the stock is placed near its resistance level as define by the downward sloping trendline on the weekly time frame adjoining the highs of January 2018- August 2018-September 2018 and November 2018. Considering the above factors, we would suggest you to avoid averaging Nava Bharat Ventures for now.