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The stock of Astral Limited has been depreciating since the beginning of this year. It faced resistance at around ₹2,500 where it started the downtrend in early 2022. The latest leg of decline began in May from about ₹2,200 and on Wednesday, the scrip marked a fresh 52-week low of ₹1,641.05. The price action is bearish, and the stock is likely to decline further from the current levels. The nearest support can be spotted at ₹1,560. A breach of this can drag the stock to ₹1,500 from where it could witness a rebound. Whatsoever, one can consider this stock for intraday short on Thursday.
That is, initiate fresh short position at the current level of ₹1,645 and place stop-loss at ₹1,690 because a rally above this level on Thursday is not likely to happen. In case if the stock opens the session above ₹1,690, refrain from trading. On the other hand, if there is a gap-down open, let the stock appreciate to ₹1,645 and then initiate short positions. Book profits when price touches ₹1,560.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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