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The stock of IFB Industries is indicating a top in place. The stock is down over 9 per cent so far this week. This has dragged the stock well below key support levels of ₹1,200 and ₹1,175. The upside is now likely to be capped at ₹1,200 as intermediate rallies to these resistances will find fresh sellers coming into the market.
The stock can fall to ₹1,000 in the coming weeks. Traders can go short at current levels and also accumulate shorts at ₹1,170 and ₹1,190 if any intermediate rally is seen. Keep the stop-loss at ₹1,235. Trail the stop-loss down to ₹1,120 as soon as the stock falls to ₹1,080. Move the stop-loss further lower to ₹1,070 when the stock touches ₹1,040. Book profits at ₹1,010. The bearish outlook will get negated only if the stock breaks above ₹1,200 decisively. In that case, the stock can move back to ₹1,300-1,350 again. But such a rally looks unlikely as the stock had struggled to get a strong follow-through rise above ₹1,300 prior to the recent fall.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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