Trade rationale

Candlesticks

Presence of inverted hammer candle in a downtrend indicating a possible reversal of the downtrend and hence a bullish view. Entry into the trade at Rs 903 (upper wick of the candle), SL at Rs 923 (bottom wick of the candle) and Target of Rs 952 (Weekly Pivot Point acting as resistance). The candlestick pattern is also supported by above average volume. Modification: As CMP moved up to Rs 945 with above average volume, SL trailed to Rs 938 (weekly Resistance now acting as support).