After hitting yet another new high at 1257.5(for the third time), FKLI straight away facing heavy profit taking activity that push it down to the low of 1242.5 before settle down to closed at 1245.5 to form a black range bar candle. Daily chart wise, it is showing something like a dark cloud cover formation in terms of Japanese candle stick, a negative signal for the market. Still closed above mid Bollinger Band indicate that market is still remain in positive tone. The positive tone also confirm by expanding Bollinger Band width. MACD Histrogram stayed flat indicate that market is in the process of position distribution.
When to Buy : Buy on bounce back after profit taking with fast profit and cut loss.
When to Sell : Sell for taking profit only.
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