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Investors with a short-term perspective can sell the stock of Hexaware Technologies at current levels. The stock has been in a medium-term downtrend since encountering a key resistance at ₹395 in August. While trending down, the stock had breached a significant support at ₹360 as well as the 200-DMA in late October.
Short-term trend is also down for the stock. After one month of sideways consolidation, the stock has breached the lower boundary at ₹330 by declining 2.7 per cent with above average volume on Tuesday. Moreover, the stock has breached its 21-DMA and hovers well below 50- and 200-DMAs as well.
With the recent fall, the stock appears to have resumed the medium-term downtrend. The daily relative strength index has entered the bearish zone from the neutral region and the weekly RSI has also entered bearish zone implying bearish momentum.
Both the daily and the weekly price rate of change indicators are featuring in the negative territory indicating selling interest. The short-term outlook is bearish for Hexaware Technologies. It can extend the downtrend and reach the price targets of ₹313 and ₹306 in the upcoming sessions. Traders can sell with a stop-loss at ₹334.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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