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The short-term outlook for Shalimar Paints is bearish. The stock fell 5 per cent on Wednesday. Investors with a short-term perspective can consider selling this stock at current levels. The sharp bounce-back from the February 12 low of ₹88.7 failed to break above ₹120 decisively.
The stock’s 11 per cent fall so far this week is adding to the downside pressure. Inability to break above ₹123 and a subsequent reversal from this level keeps the medium-term downtrend intact. Immediate resistances are at ₹110 and ₹112. As long as the stock trades below these resistances, a fall to ₹104 looks likely. Further break below ₹104 can drag it to ₹100.
Traders with a short-term perspective can go short. Stop-loss can be kept at ₹113 for a target of ₹100. A key short-term trend resistance is at ₹123. Only a strong break above this hurdle will turn the outlook positive for this stock.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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