Hindustan Zinc Ltd.CMP— Rs 131.10
Technical Outlook & Trading Strategy:-
The price of Hindustan Zinc remained under tremendous selling pressure throughout the previous session of trade.But,the key observation to be made is that the price of Hindustan Zinc appears to be forming a head and shoulder pattern on its daily charts. The Head and shoulder price pattern is an extremely bearish price pattern and has negative implications on the future price movements of a stock. The price of Hindustan Zinc is also trading below its key moving averages and the momentum indicators are firmly placed in sell mode.
We recommend traders to sell 50% now and again in the range of Rs 133 – Rs
134 levels with a stop loss placed above `135.6 levels for targets of Rs 126 – Rs 122 levels, expected to be achieved in coming few Sessions.
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