Pantaloon Retail Ltd. CMP - Rs 315.85
Technical Outlook & Trading Strategy:-
The stock price of Pantaloon Retail has seen a sharp rise from the level of Rs 239 as on 18th May 2011 to a high of`331.60 on 4th July 2011. On the Daily chart the stock has formed an Evening Star Candlestick pattern. The Evening Star candlestick pattern is a significant Top reversal pattern consisting of three candlesticks. We believe that the share price could decline to the levels of Rs 302 / Rs 295 in near future.
We recommend traders to sell 50% now and again in the range of Rs 319 - Rs 321 levels with a stop loss placed above Rs 326.60 levels.
Technical Outlook & Trading Strategy:-
The stock price of Pantaloon Retail has seen a sharp rise from the level of Rs 239 as on 18th May 2011 to a high of`331.60 on 4th July 2011. On the Daily chart the stock has formed an Evening Star Candlestick pattern. The Evening Star candlestick pattern is a significant Top reversal pattern consisting of three candlesticks. We believe that the share price could decline to the levels of Rs 302 / Rs 295 in near future.
We recommend traders to sell 50% now and again in the range of Rs 319 - Rs 321 levels with a stop loss placed above Rs 326.60 levels.
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