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Investors with a short-term perspective can consider selling the shares of Gati at current levels. The short-term uptrend in the stock that began in the last week of March from the low of ₹195.3 has reversed now after recording a high of ₹250 last week. Before this reversal, the stock had been consolidating sideways for more than a week around the 55-day moving average. The 2.4 per cent fall on Thursday has broken this sideways movement on the downside and turned the outlook negative. Resistances are at ₹230 and ₹233. The 55-day moving average at ₹238 is the key short-term resistance which needs to be broken to turn the outlook positive. The support at ₹226 — the 21-day moving average level — looks vulnerable for a break. A fall below this level can take the stock lower to ₹222 and ₹218.
Traders with a short-term perspective can go short at current levels. Stop-loss can be placed at ₹231 for a target of ₹222.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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