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Investors with a short-term perspective can consider taking short position in the shares of Rolta India. The stock has fallen for three consecutive days this week. On Wednesday, the stock tumbled 3.7 per cent accompanied by strong volumes. The outlook is bearish.
The strong uptrend that began in early February from the low of ₹108 found resistance at ₹197 last week. The resistance was tested again on Tuesday and the stock failed to breach this hurdle again. Inability to breach the resistance at ₹197 after having tested it twice suggest that the uptrend that was in place since early February could have seen a temporary top. There is a strong likelihood that the recent fall that had begun this week could extend further in the coming days. Resistances are at ₹180 and ₹185. The stock can fall to ₹170 or even ₹165 in the upcoming sessions. Short-term traders can initiate fresh short positions. Stop-loss can be kept at ₹179 for the target of ₹168.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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