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The share price of Hindustan Copper fell sharply by 4.62 per cent on Tuesday. This fall has happened after testing the crucial trendline resistance poised at ₹140. Prior to this fall, the stock has been in a good uptrend since mid-December. Tuesday’s fall marks the end of this upmove. As such the outlook for the stock has turned bearish now. Strong resistance is in the ₹139-₹142 region. Immediate support is in the ₹130-₹128 region.
A break below ₹128 will intensify the selling pressure. Such a break can drag the stock down to ₹122 initially. A further break below ₹122 can then see the stock tumbling towards ₹110 and ₹103. Traders with a short-term perspective can go short at current levels. Accumulate shorts on a rise to ₹136. Stop-loss can be placed at ₹144. Trail the stop-loss down to ₹128 as soon as the stock falls to ₹123. Move the stop-loss further down to ₹121 as soon as the stock touches ₹116. Book profits at ₹112. The bearish outlook will get negated if the stock sustains above ₹128 and breaches ₹142 decisively from here. Such a break can then pave way for a fresh rise to ₹155-₹160.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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