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Stocks To Stay Away From

By Kiran ShroffStock MarketsDec 05, 2018 03:34
in.investing.com/analysis/stocks-to-stay-away-from-200206474
Stocks To Stay Away From
By Kiran Shroff   |  Dec 05, 2018 03:34
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Do not know how true this is, but there is a funny saying that when US sneezes India catches a cold. The American markets were down almost 3 percent in Tuesday's trade. It is expected that India will follow suit.

A downward move is expected in Nifty 50 as the markets goes into trade on Wednesday. We looked at some stocks to stay away from for the time being.

Sun Pharmaceuticals, Close: 442.90

SUNPHARMA_medium term
SUNPHARMA_medium term

Sun Pharmaceuticals Industries Limited does not show any clear trend in the medium term but has fallen back inside its downtrend channel in the longer term chart.

The stock has broken its horizontal support of 443 rupees. If the price trades and closes below this level on the next trading day, it will initiate a new sell signal. There is no clear support in the stock, so the downside can be huge. In case of a reversal, there is resistance around 500 rupees or 13 percent higher than Tuesday's close.

Negative volume balance weakens the stock in the short term. RSI is below 30 after the falling prices of the past weeks. The stock has strong negative momentum and further decline is indicated.

Investtech's outlook (one to six months): Negative

Jindal Steel & Power (NS:JNSP) Limited, Close: 156.65

JINDALSTEL_medium term
JINDALSTEL_medium term

Jindal Steel & Power Limited is in a falling trend channel both in the medium and the short term. Falling trends indicate that the company experiences negative development and falling buy interest among investors. The stock has marginally broken down through the support at rupees 158. An established break predicts a further decline.

Next support is around 123 rupees or 21 percent down, and shorter term resistance is around 160 and 184 rupees respectively.

Investtech's outlook (one to six months): Negative

Reliance Infrastructure, Close: 329.00

The analysis for Reliance Infrastructure (NS:RLIN) is given here.

The analyses are based on closing price as per December 04, 2018. Maintaining proper stop loss is always recommended.

Original Post

Disclaimer: All analyses used herein are subjective opinions of the author and should not be considered as specific investment advice. Investors/Traders must consider all relevant risk factors including their own personal financial situation before trading.

Stocks To Stay Away From
 

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Stocks To Stay Away From

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Niclao Dcosta
Niclao Dcosta Dec 06, 2018 17:49
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superb
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Mayur Rathi
Mayur Rathi Dec 05, 2018 20:25
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Superb analysis
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vamsi goteti
vamsi goteti Dec 05, 2018 14:23
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fell 22 points in one session...great analysis
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rajeev lochan
rajeev lochan Dec 05, 2018 14:15
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very nice
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Amir Hayat
Amir Hayat Dec 05, 2018 11:41
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jindal steel and relinfra were on my watchlist for intraday.
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