The scrip has been gaining, or ending every trading session in the past six trading days in the green, rising from as low as 294.40 as on 28th December 2010, thus gaining as much as 31.00 in the past six trading sessions.
Following the recent rally, the scrip has moved into an extremely over-bought territory, and the technical indicator, the 14-day RSI indicator shooting up to 74.54 at the end of trading on 5th January.
We feel that the stock is due for a minor correction in the short term and might move southward as early as 6th January. Traders might take note of the precarious situation and take advantage of the situation and book profits from the recent rally.
The “one-look” Ichimoku chart depicted below also hints about the Kumo Cloud turning red in the next 2-3 trading sessions, and the indications for the stock turning negative or bearish in the short term are more clear.
Shrewd investors and short-term day traders might avail this opportunity to make some quick cash in this counter.
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