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The stock of Gail India had slumped 3.7 per cent in today’s session witnessing selling interest. It has breached a key short-term support at ₹130 as well as 50-day moving average level. Following a medium-term uptrend from the August low at around ₹120, the stock had encountered a key resistance at ₹142 in late September and reversed direction.
Since then, the stock has been on a short term downtrend. Moreover, long-term trend is also down for the stock.
The daily relative strength index is on the brink of entering the bearish zone from the neutral region. Besides, the daily price rate of change indicator has slipped into the negative territory implying selling interest.
The short-term outlook is bearish for the stock. It can extend the downtrend and test the vital support at ₹120 in the coming trading sessions. Traders can go short with a stop-loss at ₹131.5.
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