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Investors with a short-term horizon can consider selling the stock of JSW Energy. The stock fell 5.5 per cent on Thursday, breaking a key immediate support around ₹96. After encountering an important resistance at ₹124 in February and March this year, the stock changed its direction and started declining. The stock has been on a medium-term downtrend since then. Moreover, the short-term trend is also down. The ongoing fall has decisively breached the stock’s 50- and 200-day moving averages at around ₹100.
The daily as well as weekly price rate of change indicators are hovering in the negative terrain, implying selling interest. As the stock has breached the key immediate support, the downtrend appears to be reinforced. A decline to ₹89.5 and then to ₹87.5 is possible in the upcoming sessions. Sell the stock with stop-loss at ₹95.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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