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The stock of Piramal Enterprises Limited faced strong sell-off yesterday and, as a result, it broke below an important support, potentially turning the short-term outlook bearish. Hence, traders can short the stock at current levels.
After falling along with the broad market in March, the stock reversed the trend and has been appreciating.
But the scrip faced a roadblock at ₹1,500 levels in July and consequently it began to depreciate.
Following this, the stock rebounded by taking support at ₹1,200 in early November and has been rallying since then. But again, the resistance at ₹1,500 posed a challenge for the bulls. After this, the stock started to take sideways path wherein it was largely consolidating between ₹1,400 and ₹1,500.
But once again bears struck and this time, the price slipped below the support of ₹1,400 and closed at ₹1,345. This has opened the door for further decline. Supporting the same, the relative strength indicator has entered the negative territory.
So, traders can short the stock with stop-loss at ₹1,410 and look for a target of ₹1,205.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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