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The short-term outlook for the stock of DLF is bearish. It fell 4.15 per cent on Monday and closed on a weak note. The fall on Monday, the stock well below the 200-Day Moving Average (DMA) which is currently at ₹373.5. This 200-DMA will be the immediate resistance which can cap the upside from here. Above this, the region between ₹380 and ₹383 will be the next important and strong resistance zone to watch. The chances are high for the upside to be capped at ₹373.5 – the 200-DMA resistance itself.
The stock can fall to ₹350-₹345 in the next two-three weeks. Intermediate supportat ₹356. A break below can trigger the above mentioned fall towards ₹350-₹345. Traders can go short at current levels. Accumulate shorts on a rise at ₹371. Keep the stop-loss at ₹377. Trail the stop-loss down to ₹361 as soon as the stock falls to ₹357. Move the stop-loss further down to ₹358 as soon as the stock touches ₹354 on the downside. Book profits at ₹351. To negate the fall to ₹350-₹345, the stock will have to break above ₹383 decisively. But such a strong rise looks less probable.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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