Cairn (SELL, below Rs270, Target Rs260):

 With formation of ‘Head and shoulder top’ on the daily and close below key support of Rs275 levels, the short term uptrend is coming to a lull. The amplitude of said pattern is projecting target of Rs260.The daily RSI also has been trading below the support of 50 and is on its way heading to 35. The risk reward ratio for initiating short positions from current levels is remains very supportive. We recommend to short Cairn Oct Fut below Rs270 with stop loss of Rs275 for Target of Rs260. (Duration 5 days)