CEATLTD stock is trading at 1288 with loss of more than 6% on NSE. Stock is top loser in F&O segment. Stock was in strong rally and rallied from base of 850 to high up to 1420.
Technically stock is still strong but in short term stock is heading towards major support of 1190 to test it. Above 1190 stock will remain buy and short to medium term target will be 1445. Any daily closing below 1190 with strong volume means trend reversal and exit signal for investors from stock.
For short term, Ceat Limited trade will be on short side for target 1190. Stock future traders can expect 5-7% downside from here while those are short at top must trail stoploss and keep target at 1190. Option traders can buy in the money put options for ceat ltd. Like CEAT 1300 put options of current expiry as short term trade for gains.
Ceat Limited stock weekly chart suggesting strong resistance at 1380 and stock given reversal around that level. On downside 1210 is support zone on weekly chart.
Stock technically going through correction but fundamentally stock still looks strong and has potential to test 1500-1665 levels in long terms.
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