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Investors with a short-term perspective can consider selling the stock of V-Mart Retail at current levels. The stock took support in the band between ₹450 and ₹470 this January and started trending upwards. Since then, the stock has been on a medium-term uptrend. It breached a significant long-term resistance around ₹600 in early February and accelerated upwards. However, after marking a new high at ₹968 on April 7, the stock started to decline witnessing selling pressure as well as triggered by negative divergence in the daily relative strength index.
The stock has been in a near-term downtrend since last week. On Tuesday, the stock tumbled 6.5 per cent breaching an immediate support at ₹900. The weekly price rate of change indicator is correcting from the overbought territory. The short-term outlook is bearish. Traders with a short-term perspective can consider selling the stock with stop-loss at ₹892. The targets are ₹835 and ₹815.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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