Downside Prevails
Our Pivot: 104
Our Preference: Start short selling INIL from current price and average it out till 100.50 with strict stop loss of 104 and profit target at 86.40 with extension towards 78.60.
Alternate Scenario: Upward penetration of 104 will call for 112.30.
NOTE: INIL is moving downward after getting resistance form a strong resistant trend line after retesting breakout of its ascending wedge on weekly chart mean while weekly momentum indicators have changed their direction towards bearish side.
Weekly Chart with Supports & Resistances:
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