The price of Chana has formed a head and shoulder pattern on the intraday charts. A breakdown from the said pattern would be confirmed when the price breaks below the neckline level of Rs 2529 levels. The sell signal given by the stochastic indicator is also a sign of weakness in the counter. The prices of Chana will face fresh selling pressure once it starts trading below the neckline level of Rs 2529.
We recommend traders to go short below Rs 2529 levels with a stop loss of Rs 2551 levels for downside targets of Rs 2500/ Rs 2475 levels.
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