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The outlook for Kajaria Ceramics is bearish. The stock has been falling consistently over the last one week. On Tuesday the stock had declined over 5 per cent. Although the share price had bounced from the intraday low of ₹1,125 on Tuesday, the broader picture remains weak. Strong resistance is around ₹1,195 which can cap the upside.
Kajaria Ceramics share price can fall to ₹1,080. However, before this fall happens, there is a possibility of a short-lived intermediate bounce. But as mentioned above ₹1,195 can cap this intermediate rise. So, a fresh leg of fall can begin from around ₹1,195. As such, traders can wait for a rise. Go short at ₹1,185. Keep the stop-loss at ₹1,205. Trail the stop-loss down to ₹1,170 when the price fall to ₹1,155. Exit the shorts at ₹1,140.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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