Comments
The short-term outlook for the stock of India Glycols is bearish. The stock has been struggling to see a sustained break above the psychological level of ₹1,000 since the beginning of the year. Resistance is at ₹1,050-₹1,080 region. Though the stock has been attempting to bounce over the last two days, it is not showing any strength. As such, any intermediate rise above ₹1,000 is likely get fresh sellers in the market. Also the upside is likely to be capped at ₹1,080.
As long as the stock stays below ₹1,080, a fall to ₹870 is likely now. A break below ₹870 can then drag the stock further lower to ₹800-₹790 thereafter. Traders can go short at current levels. Make use of intermediate bounces to accumulate shorts at ₹1,030. Keep the stop-loss at ₹1,090. Trail the stop-loss down to ₹970 as soon as the stock falls to ₹890. Revise the stop-loss further lower to ₹860 as soon as the stock falls to ₹840. Book profits at ₹820. The bearish outlook will get negated only if the stock breaks above ₹1,080 decisively. Such a break will boost the bullish momentum and take the stock higher to ₹1,250-₹1,270.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.