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Investors with a short-term perspective can consider selling the shares of TTK Healthcare.
The stock tumbled about 4.5 per cent on Monday. During the process of this fall, the stock declined decisively below a key trend support at ₹958.
Additionally, it recorded a strong close below the 200-day moving average at ₹944.
These two levels, ₹944 and ₹958, are likely to act as resistance levels now and restrict the upside for the stock. The outlook is bearish.
A fall to ₹900 and ₹870 is now possible. Traders with a short-term perspective can go short on the stock. Stop-loss can be placed at ₹945 for a target of ₹900.
The downside pressure will ease only if the stock records a strong break and a close above ₹958. Such a break will open the doors for a rise to ₹1,000. But such a strong rally looks unlikely at the moment, given the current market situation.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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Published on August 24, 2015
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