The stock of KRBL Limited has seen a sharp rise in price so far this week. This led to price hitting a 52-week high of ₹379.8 on Wednesday. Although the trend is bullish, there is a good chance for the stock dip from the current level. Substantiating the same, the daily RSI is showing a bearish divergence and the daily chart shows that the stock has formed an inverted hammer candlestick pattern on Wednesday.
So, even though the stock may not see a bearish reversal, it will most probably a corrective decline to ₹335. Therefore, one can consider going short on the stock of KRBL with stop-loss at ₹380 for a target of ₹335.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.