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Investors with a short-term perspective can consider selling the stock of Engineers India which fell 3.4 per cent with good volume on Thursday. It has conclusively breached an immediate support level at around ₹195. After retracing 61.8 per cent of the Fibonacci retracement level of the stock’s prior downtrend, it encountered resistance at ₹213 in mid-October and changed direction. Since then, the stock has been on a near-term downtrend.
The daily relative strength index has entered the bearish zone from the neutral region. The daily price rate of change indicator in the negative zone implies selling pressure. The short-term outlook is bearish. It has the potential to decline further and reach the price targets of ₹181.5 and ₹177.5. Sell the stock with a stop-loss at ₹193.5.
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