The price of Guarseed appears to be forming 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 Rs3243 levels.
The prices of Guarseed will face severe selling pressure once it starts trading below the neckline level of Rs 3243 levels. The momentum indicators are also in bearish mode.
Thus traders can take short positions on a break below Rs 3243 levels with a stop loss placed above Rs 3271 levels and expect downside targets of Rs 3210 / Rs 3180 levels.
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