Future Trade: Bearish pattern seen in HPCL

HPCL is reversing from almost triple top and RSI showing continuous negative divergence and is expected to turn bearish as seen on the daily time frame charts. A bearish engulfing candle pattern formation, having the open and high almost the same can be seen. Futures data also show a short buildup. A short trade can be taken in futures ( prices here given are as per spot) if the price sustains below 247 (preferred an equal lot hedge of 450 call option (25th January expiry) premium approximate 5-6(buy as hedge) along with short trade). It is giving an indication of the price falling at least up to 225 and below that, it can further fall to 215 - 210. Stop-loss is above 265 on a daily close basis. Close the shorts and hedge together. The holding duration is 3-4 trading sessions. This call becomes invalid if it opens below the 265 spot price.

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