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The outlook for the stock of JSW Energy is bearish. The stock, which has been falling consistently over the last one week, tumbled 4.8 per cent on Wednesday. It has plummeted about 12 per cent over the last week.
The sharp fall on Wednesday has dragged the stock decisively below a key support level of ₹66.5. This level will now act as a good resistance and cap the upside in the near term. Intermediate bounce to this level may find fresh selling interest coming into the stock. A fall to ₹60 or ₹59 is likely in the coming days. If the stock manages to bounce from this ₹60-59 support region, a relief rally to ₹65 or ₹66 is possible in the short term. But if the stock breaks below ₹59 decisively, the downside pressure will increase. In such a scenario, there is a strong likelihood of the stock tumbling towards ₹55 or lower levels.
Traders with a short-term perspective can go short at current levels and at ₹65.5. Stop-loss can be placed at ₹67 for the target of ₹60. Revise the stop-loss lower to ₹63 as soon as the stock moves down to ₹61.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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