Stocks

Podcast | Today's stock pick: Tube Investment of India

| Updated on March 16, 2020 Published on March 16, 2020

The stock of Tube Investments of India has potentially turned the trend bearish as it has breached a crucial support.

During 2019, the stock was largely consolidating between ₹325 and ₹420 post a rally that lifted the price from ₹215 levels. Notably, in March 2019, it had registered a fresh high of ₹434 and then started to consolidate.

Currently it is trading below a key support at ₹485 and the price has slipped below both 21- and 50-DMAs. Also, the relative strength index and the moving average convergence divergence indicators on the daily chart are exhibiting bearish signs. Hence, traders can short the stock with stop-loss at ₹485 for a target of ₹435.

Published on March 16, 2020