Jubilant Foodworks has closed below it's 21 moving average after a really long time. Recently when Nifty touched 10800 it closed at 2258 i.e. above the 21 moving average that time, but this time the close is below it.
1. Technically, RSI and the MACD also support the bearish stance.
2. IT has also crossed the middle band of bollinger bands, which gives us an extra support factor, it is bound to touch the lower band of 2265 which is also the support zone.
One can take a short position in this with a strict SL of 2375 for TGT1 2250 and TGT2 of 2170.
This is purely for educational purpose, I am not a SEBI registered analyst.
Please like or comment if you agree or disagree with this view.
1. Technically, RSI and the MACD also support the bearish stance.
2. IT has also crossed the middle band of bollinger bands, which gives us an extra support factor, it is bound to touch the lower band of 2265 which is also the support zone.
One can take a short position in this with a strict SL of 2375 for TGT1 2250 and TGT2 of 2170.
This is purely for educational purpose, I am not a SEBI registered analyst.
Please like or comment if you agree or disagree with this view.