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.