Hold onto longs on Kwality Dairy; stop loss below 130: Devang Visaria

Devang Visaria, Chief Strategist, devangvisaria.com in a chat with ET Now talks about Kwality Dairy.

Your comments on Kwality Dairy?

The whole up move which you saw from Rs 1.46 all the way to odd Rs 220, it looks to have come to an end because the previous quarter candlestick is not a very good formation. In fact, it is called inverted hammer formation. That is generally a topping out formation.

Coupled with the fact that the stocks into the small cap category, hardly any volume is getting triggered, today also you are just 7000 odd shares. So I would just recommend that on a technical basis if it were to crack below 130 or 125, then there could be downsides to around 90 or so for this one. So you could just hold onto your longs with a stop loss below 130 and on any pullback rallies to around 155 or 160. You could just get out of your long position.