“SELL VOLTAS BELOW 620 TGT 610/595”
Voltas Limited is engaged in room air conditioners, contract revenue, commercial refrigeration products and sale of services. After showing bullish movement, it is forming a reversal pattern in short-term charts, the Primary trend of the VOLTAS is bearish. Strong Support level is seen on the daily chart at 620. it is likely to show correction with the breach of the support level of 620, where one may initiate the short position in it for the targets of 610/595. as the stock is managing to trade below its 22& 50 days moving averages with
the RSI of 45. while stop loss can be placed at 635. On the other side, It is likely to continue the upside move in near term with the crossing of the resistance level of 630. After the breakout, the level of 630 One may get the targets of 640,655 in the stock with the stop loss of 615.
DAILY CHART FOR VOLTAS:
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