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The outlook for the stock of Indian Energy Exchange (IEX) is bearish. It has been in a strong downtrend since December last. The movement since then inside a channel. Since May, the 21-Day Moving Average has been capping the upside very well thereby keeping the overall downtrend intact. Immediate support is at ₹153. But Tuesday’s 2.6 per cent fall increases the chances of the stock breaking below the immediate support at ₹153. Such a break can drag the stock down to ₹130 and ₹125 in the next three weeks. Resistances are at ₹157-₹158 and at ₹163.
Traders can go short now and accumulate shorts at ₹157. Keep the stop-loss at ₹165. Trail the stop-loss down to ₹151 as soon as the stock moves down to ₹146. Move the stop-loss further down to ₹141 as soon as the stock touches ₹136 on the downside. Book profits at ₹132. The region between ₹130 and ₹125 is a good support from here a fresh bounce is possible.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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