Turning Down
Our Pivot: 83.60
Our Preference: Start short selling ISL below 78.50 and average it out till 80.45 with strict stop loss of 83.60 and profit target at 70.34 with extension towards 65.58.
Alternate Scenario: Upward penetration of 83.60 will call for 91.40.
NOTE: ISL have completed 50% correction of its last bearish rally and now its being capped by two strong resistant elements at 78.50 and 80.45 Rs/share respectively, while daily and weekly momentum indicators have changed their directions in bearish side and these would try to lead prices towards 65 Rs.
Weekly Chart with Supports & Resistances:
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