Capital First is likely to correct to level's of 583/515.
The scrip has formed a Head & Shoulder pattern, breaking the neckline today.
Also note the increase in volumes during the formation of Left Shoulder & Head & Diminishing volumes at left shoulder.
One can go short for targets of 583/515 at current level's as Nifty itself is suggesting a corrective move to 9400 levels.
Few stocks from the Financial sectors have run up quite a lot since December 2016.
Investors valuing a stock that are over-rated are due for a thorough correction.
Keep a stop loss of 673 & look for the above targets.
However partial profit booking at 583 is necessary & a continuous monitoring of positions thereafter is important.
Happy Trading.
The scrip has formed a Head & Shoulder pattern, breaking the neckline today.
Also note the increase in volumes during the formation of Left Shoulder & Head & Diminishing volumes at left shoulder.
One can go short for targets of 583/515 at current level's as Nifty itself is suggesting a corrective move to 9400 levels.
Few stocks from the Financial sectors have run up quite a lot since December 2016.
Investors valuing a stock that are over-rated are due for a thorough correction.
Keep a stop loss of 673 & look for the above targets.
However partial profit booking at 583 is necessary & a continuous monitoring of positions thereafter is important.
Happy Trading.