Avanti Feeds Limited witnessed a sharp correction on the weekly price chart despite its attempt to reverse the trend but failed to vindicate the momentum during a consecutive session to slip from 100-days EMA levels placed at Rs 554.
Further, it witnessed weak volume support on a weekly basis indicating a sustained pressure on a short-term basis. The scrip formed a stable bearish candlestick pattern on its weekly price chart after breaching below significant level indicating a continuous load.
Further, the secondary momentum trend continued to indicate negative signal with RSI slipping below at 32 coupled with the bearish outlook from MACD trend.
The scrip is facing resistance at Rs 542 levels and crucial support from 200-days EMA at Rs 407 levels. We have a sell recommendation for Avanti Feeds which is currently trading at Rs 475.40
Further, it witnessed weak volume support on a weekly basis indicating a sustained pressure on a short-term basis. The scrip formed a stable bearish candlestick pattern on its weekly price chart after breaching below significant level indicating a continuous load.
Further, the secondary momentum trend continued to indicate negative signal with RSI slipping below at 32 coupled with the bearish outlook from MACD trend.
The scrip is facing resistance at Rs 542 levels and crucial support from 200-days EMA at Rs 407 levels. We have a sell recommendation for Avanti Feeds which is currently trading at Rs 475.40
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