Relinfra Outlook : Bearish
Short term trend : Down
Relinfra futures closed the week @ 686.80 the high made for the week 707.75, Relinfra has made bearish close for the week, the last two weekly bars are bearish bar.
After a magnificent move from march 2014 the stock doubled more levels of 350 and made the high of 800+. As per Fibonacci levels the stock is making its retracement and currently below 23.6% retracement levels of Fibonacci. The trend line support for relinfra is @ 674 below which there can be a sharp correction toward 630 580
Fno Trades can open shorts below 680 with protective stops of 710 for a target of 630-580.