Technical Outlook & Trading Strategy:-
The price of Chana had registered a bearish head & shoulder breakdown on its intraday charts few sessions ago.
Since then the price has given a pullback towards its neckline resistance levels of Rs 3024 levels. But the price has not been able to register a close above the same.
The is a sign of weakness in the price action, and sustenance below the neckline levels of Rs 3024 will see the price of Chana head lower and test levels of Rs 2915 / Rs 2890 levels over the upcoming sessions of trade.
The momentum indicators are also trading in bearish mode. We recommend traders to sell 50% at current levels and again on rallies to Rs 3010--Rs 3025 levels with a stop loss placed above Rs 3039 levels for downside targets of Rs 2915 / Rs 2980 levels, expected to be achieved over the
upcoming 3-4 sessions of trade.
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