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Avoid these market movers from 29-December

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We recommend you to avoid these market movers from 29-December:

Salora International happened to move by over 13% on closing basis. It has seen a a major gap opening with extreme volumes. We urge you to avoid this stock as the move has likely exhausted itself (or is about to). While the next couple of days are important for this stock, it is very likely we see this stock fall down to 55.25 eventually with potential for further fall to 46. We urge you to avoid getting involved with this security for now.

Salora International

The other market mover was Summit Securities which moved by 8% today . This security is also likely to see sustained selling very soon. The moneyflow index indicates the security is overbought and the volume surge indicates that the rally is about to end. There is a very good chance that the trend channel in the figure below would hold on, and we see the price falling to 339 soon. There is a good chance that the prices might fall further towards 265.

Summit Securities

Disclosure: At the time of publication of this post, our analyst is not registered with SEBI as a research analyst. Our analyst has an application for registration as a research analyst with SEBI pending for registration.

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