EQUITAS HOLDINGS

Equitas, recently had broken a long term downtrend to move higher. It gave a few quick moves higher and got stuck amid consolidation. Now, we see it forming a head and shoulder on the daily and threatening to move lower. We have seen financials taken a beating over the past few trading sessions and Equitas may follow too. It has put in a bearish candle on most recent trading day with a strong move lower of close to 4.5%. Below we have some trading ideas:

Trade Idea: Short Equitas below 127.5
Signals:
1) Head and Shoulder on the Daily with neck-line at 127.5-128
2) Strong move lower of 4.5% creating a dark cloud candle
3) Moving Averages above the head of the candle and not too extended

 

Jindal Steel & Power Ltd

Jindal Steel after a rout throughout 2018, has shown some promise this year. We have seen it bounce close to 50% from its lows at 123.25. This, has however, not transformed into break of the downtrend. Jindal Steel is still in a longer term downtrend and looks to continue lower based on the current price action. For a shorter time-frame, we see price-rejection (highlighted in red) once it has tried to break new highs. This price-rejection is followed by a swift move lower, indicating further continuation towards the downside.

Trade Idea: Short Jindal Steel below 174.5
Signals:
1) Price Rejection on break of highs
2) Swift move lower after testing new highs
3) Threatening to break pivot at 175
4) Moving Averages lined up to the head of the candle

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