Tata Power (SELL, below Rs93.50, Target Rs89.50): Tata Power has
broken down below the lower trendline of a trading channel which also
coincides with lower Bollinger Band support, which suggest that the
likelihood of upside over the short-term has diminished. For now, the
risk/return of establishing long positions is less than ideal. Tata
Power in last few trading sessions, had twice bounced back from the
above mentioned support levels and in yesterday’s session it closed
below it. Moreover, appearance of falling tops signifies the bulls
inability to form higher highs. Based on above mentioned technical
evidences, we recommend traders to short Tata Power December Futures below Rs93.50 with stop loss of Rs95.50 for target of Rs89.50.
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