Can I en­ter EID Parry for Medium term as it has fallen con­sid­er­ably?

- Bishal Kasaud­han

CMP: ₹207.95 BSE Code: 500125 AVOID EID PARRY FOR NOW

E.I.D. Parry (In­dia) Ltd. is cur­rently trad­ing at Rs.207.95. Its 52-week high/low stand at Rs 391.95/Rs 177 made on Jan­uary 5, 2018 and Oc­to­ber 8, 2018, re­spec­tively. After reg­is­ter­ing its 52-week high, the stock has been fall­ing con­sis­tently and mak­ing se­ries of lower low. Cur­rently, the stock is trad­ing be­low its 20-day EMA (210.20), 50-day EMA (213.80), 100-day EMA (220) and 200-day EMA (235.55), which in­di­cates a medium-long term down­trend. After look­ing at the daily chart, it has been con­tin­u­ously trad­ing be­low its 200-day EMA level from Jan­uary. How­ever, the vol­umes and os­cil­la­tors are too poor to sug­gest any mo­men­tum. The 14-pe­riod daily RSI is quot­ing around 46.64 and it was not able to cross the 60 mark since Novem­ber 13, 2018. The Av­er­age Di­rec­tional In­dex (ADX) in­di­ca­tor on the daily time frame is quot­ing around 12, which sug­gests there is no strength in any di­rec­tional mo­men­tum. Con­sid­er­ing all the above fac­tors, we rec­om­mend you to avoid buy­ing EID Parry for now.

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