Grasim – Sell on Rise.

Grasim Inds at CMP- 3171 looks like a selling opportunity to me.  In below attached chart, it is depicted that prices is already broken support of 23.6% Fibonacci Retracement of last up move from low of 2210 to 3505.  Also prices has formed double bottom near ~3150 levels, once this level is broken prices will move to test next Fibonacci support at ~3000 levels.  Momentum oscillator RSI (14) is also showing initial signs of waning out.  Risk involved in taking short is, stock can move higher by taking support near 3150 (forming triple bottom).

Grasim Inds

                                                            Grasim Inds

Risk-averse traders can initiate short below 3150 levels, with strict stop of 3250.   Risk takers can use rise up to 3250 as a selling opportunity with stop loss above 3400, targeting 3000 and lower levels.

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