Turning Down
Our Pivot: 46.50
Our Preference: Short sell ISL below 42.55 and average it out till 45.80 with strict stop loss of 46.50 and profit target at 37.50 with extension towards 35.30.
Alternate Scenario: Upward penetration of 46.50 will call for 50.00.
NOTE:ISL have completed 50% correction of its last bearish rally and now its being capped by two resistant trend lines along with a strong horizontal resistant region.
Daily Chart with Supports & Resistances:
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