Comments
Last week, the stock tumbled 5.3 per cent, breaching a key support at ₹280 and the 200-day moving average as well. This fall has strengthened the stock’s short-term downtrend that has been in place from the January peak of ₹335. However, Friday’s 2.6 per cent gain appears to be a corrective move up. The stock can encounter resistance at ₹270 or else at ₹277 in the near term and resume its downtrend thereafter. Hence, traders with a short-term perspective should tread with caution and initiate short position on such resumption with a stop-loss at ₹280. A decline below the immediate support at ₹257 can pull the stock down to ₹250 in the coming week. Next key supports are at ₹240 and ₹235. On the other hand, an emphatic rally beyond ₹277 can extend the rally to ₹285 or ₹295 levels. The short-term downtrend remains in place as long as the stock trades below ₹300 levels.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.