The downtrend in the stock of Just Dial remains intact. The stock fell 2.7 per cent on Tuesday breaking below an important supports at ₹460 and ₹456. Prior to this fall, the stock was trading in ₹455-522 range since August. Tuesday’s fall has broken this range. The downward break also indicates that the stock has resumed its overall downtrend. The level of ₹460 may now act as a good resistance for the stock. Intermediate rallies to this resistance may find fresh selling interest in the stock.
A fresh leg of fall targeting ₹400 or even lower levels looks likely in the coming days. Traders with a short-term perspective can go short. Stop-loss can be placed at ₹462 for a target of ₹410. Accumulate short positions on rallies to ₹455 and ₹460. Revise the stop-loss lower to ₹435 as soon as the stock moves down to ₹425. The downside pressure will ease only if the stock breaks above the resistance at ₹460.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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