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Investors with a short-term perspective can consider selling the stock of Gateway Distriparks at current levels. On Wednesday, the stock tumbled 4 per cent, conclusively breaking through a key support at ₹340 levels. Since encountering significant resistance at ₹450 in March, the stock has been on a medium-term downtrend. The short-term trend too, has been down for the stock from its June peak of ₹399. The stock’s recent fall has decisively breached its moving average compression (21-, 50- and 200-day moving averages) around ₹350.
The relative strength index on the daily chart features in the bearish zone and the weekly RSI has just entered the negative zone from the neutral region implying downward momentum. The short-term outlook for Gateway Distriparks is bearish. The stock can continue to drop to hit the price target of ₹310 and ₹304 in the upcoming sessions. Sell the stock with a stop-loss at ₹331.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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