PVR share price has reached weekly supply zone and is showing rejection by forming inverted hammer candle and breaking previous week low. Shorting around 1580-1600 with stoploss of 1690 for targets of 1480, 1380,1300. Hedged shorting strategy using FNO segment with pre-defined risk reward can be planned owing to news based price action.
Comment:
SL price was reached with gap up opening but the price is continuously falling since opening CMP 1638. So position can be still held with 1690 SL as of now.
Trade closed: stop reached