INIL International Industries Short Term Analysis 11th May 2020

Downside Prevails

Our Pivot: 104

Our Preference: Start short selling INIL from current price and average it out till 100.50 with strict stop loss of 104 and profit target at 86.40 with extension towards 78.60.

Alternate Scenario: Upward penetration of 104 will call for 112.30.

NOTE: INIL is moving downward after getting resistance form a strong resistant trend line after retesting breakout of its ascending wedge on weekly chart mean while weekly momentum indicators have changed their direction towards bearish side.

Weekly Chart with Supports & Resistances: