There is no trend in the market, less volume, all lead to choppiness, still some trigger in big shares giving us an indication of the downtrend in the market.
Everyone talking about Eicher motors when to buy it, see it all depends on your time frame of Investment, If you are looking for Short-term then 20k a good price for some small bounce, but that bonce will not sustain for long period.
For long-term Investors wait for the 17-18k mark, then take Delivery of this stock in parts only.
Why 17-18k?
- Breakdown from Bullish Channel.
- Good Support level in the range of 17-18k.
Bullish Channel is an indication of Market/Individual share is in Uptrend, Once Price breaks this channel then it will lead to sell-off. And as per my confirmations, this is proper selling opportunity in Eicher Motors.
This type of High volume sell-off is generally done by FII, and in coming days also it will lead to more downfall.
- GapDown
- Big Red candlestick
- Heavy Volume
All these things indicating that today’s high of 22340 is now Big resistance in the market for short to medium term, very hard for the market to break this resistance.
Above all analysis is for Short to medium term, Don’t expect that 17k level you will get tomorrow, it will take time, Generally, this information is for Investors.
All these things you can learn from My Technical Class, In-depth knowledge require for taking a trade or Doing Investment in the market.
Now if we check the long-term chart, to calculate Support and Resistance then we can see Range of 17-18k is good for buying the shares in delivery. ( For Investment Purpose only).
A threat from New Brand like JAWA and decreasing sales volume will create more pressure in upcoming months, so better to wait for good levels in Eicher motors.
Overall Bearish setup is going on, So try to buy in parts like some buying at 18k then 17k levels. Don’t put lump-sum in any share until you are fully confident on that.
