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The stock of Greenply Industries has been in a strong downtrend since the middle of this month. The stock has tumbled about 12 per cent in the last two trading days. The sharp 6 per cent fall breaking below the key support level of ₹203 on Monday has strengthened this downtrend. Strong resistances are at ₹203 and ₹206. Any intermediate bounce could be capped at ₹203 or ₹206 as fresh sellers are likely to come in at higher levels.
As such the downtrend is likely to remain intact. A further fall to ₹173-₹170 is possible in the coming days. Traders can go short at current levels. Accumulate short on rallies at ₹197 and ₹201. Stop-loss can be placed at ₹209. Trail the stop-loss down to ₹188 as soon as the stock falls to ₹181. Move the stop-loss further down to ₹182 as soon as the stock touches ₹178.
Book profits at ₹174. The region between ₹173 and ₹170 is a strong support that can halt the current downtrend. As such a fresh rise from the ₹173-₹170 support zone cannot be ruled out.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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