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Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
The stock of Deccan Cements attempted to reverse the long-term bear trend during the first half of the current year. But the stock topped out at ₹480 levels in June, from where it began the next leg of downtrend. After marking the then 52-week low of ₹331 in August, the stock recouped some of its losses and appreciated to ₹409 in September. But then, the trend again reversed abruptly, and the stock tumbled, forming consecutive lower peaks.
The downward movement continued, and the stock registered a fresh 52-week low of ₹318.4 on Monday. The stock has also confirmed a bearish flag pattern in the daily chart, indicating further weakness from current levels. The daily relative strength index is showing a downtick and the moving average convergence divergence indicator has fallen back to negative territory. After briefly trading above the 21-day and 50-day moving averages, the stock has slipped below the averages, indicating a bearish outlook.
All the above factors point to a strong bear trend in the stock. Hence, traders are advised to initiate short positions on rallies with stop-loss at ₹335 with potential targets at ₹300 and ₹285.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
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