The doji formation with 2 small days are at the top are indicating trend reversal after a bullish rally. If M&M Fin breaches below 773 the lower level of shooting star we can take a short trade.
The RSI at these levels is stretched and in the over bought zone. Bollinger Bands too have opened wide with prices trading outside the band. Both these indicators suggest a sideways to bearish movements in the next couple of days.
ACTION : SELL M&M Fin CMP 780 TGT1 715 SL 805
DURATION : 1-2 weeks
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Deepika Solanki, Technical Analyst
Team TopdataIndia
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