We recommend a sell in the stock of TV18 from a short-term perspective. Following an extended decline from the 2010 peak of Rs 115, the stock is attempting to form a base since this June. But the short-term uptrend that is in place since September 11 is facing trouble around the resistance at Rs 27. The stock has been struggling with this hurdle over the last three sessions recording lower closes. The daily relative strength index has begun dipping down after recording negative divergence.
On Monday, the stock closed over six per cent lower. The stock also closed near its intra-day low. It can move lower to Rs 23.5 and 22.2 in the coming session. Traders can sell the stock with stop-loss at 25.1.
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