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The stock of Sesa Sterlite fell by 5 per cent accompanied by above average volume breaking its immediate key support around ₹227. This fall has strengthened the stock’s intermediate-term downtrend that has been in place from the June peak of ₹318.
Traders with a short-term perspective can sell the stock at current levels. The short and medium-term trends are also down. In mid-November, the stock breached its 200-day moving average and is currently hovering well below its 50- and 200-day moving averages. The relative strength index on the daily chart is featuring in the bearish zone backing the stock’s downtrend. Both the daily and weekly price rate of change indicators are hovering in the negative territory. The short-term outlook for Sesa Sterlite is bearish. It can continue its decline and reach the price target of ₹212 and then ₹207 in the approaching trading sessions. Sell the stock with a stop-loss at ₹225.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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