Technical Outlook & Trading Strategy:-
The price of Lead broke below its important ascending trendline support & its 200 DMA placed at the 115.75 levels on its daily charts during the previous session.
The fall witnessed during the previous session was also on the back of above average volumes which is also an extremely bearish signal.
The momentum indicators are also trading in extremely bearish mode. We believe that any pullback from current levels should be used to take short positions in the counter.
We recommend traders to sell 50% at current levels and again on rallies to Rs 115 — Rs 115.30 levels with a stop loss placed above Rs 115.75 levels for downside targets of Rs 113 and followed by Rs 111.25 levels expected to be achieved over the upcoming 3-5 sessions of trade.
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