UPL witnessed a sharp correction seen on the long-term chart. It breached its crucial support level of 200-days EMA on the downside and continued to trade lower amid selling pressure.
Sell UPL, target Rs 535: Dinesh Rohira
The scrip consolidated in a range of Rs 765 and Rs 606 levels, but last week it further slipped from this level which indicates sustain selling regime.
The scrip formed a solid bearish candlestick pattern on its weekly price chart after breaching below important level indicating a sustained pressure.
The secondary momentum trend continued to indicate a negative signal with RSI slipping below at 27 coupled with the bearish outlook from MACD trend. The scrip is likely to face resistance around Rs 703 levels and crucial support at 381 levels. We have a sell recommendation for UPL which is currently trading at Rs. 562.55