Bhel - time to book profits

BHEL has moved for last few days form 2220 levels - now today it has formed an inverted hammer (candle - long upper shadow ) pattern on daily charts with huge volume compared to last few days.
Time to book profits in the longs or short with today's high (2525) as  stop loss with target 2407 and 2372.


Trading hint:-
A tall upper shadow is especially important when it appears at a high price level, at a resistance area, or when the market is overbought. This is because such a candle line would hint that there is either heavy supply entering at higher prices or an evaporation of buying. In either case (see chart),  a long upper shadow could be a bearish development - the book Beyond Candlesticks - Steve Nison