The outlook for the stock of Indus Towers is bearish. The stock has been in a downtrend since late September this year. Strong resistance is now in the ₹300-₹302 region which can cap the upside from here. Rallies to this resistance zone seen can attract fresh sellers coming into the market.
A strong rise past ₹302 is needed to turn the outlook bullish. But that looks unlikely. The stock can fall to ₹260 – an intermediate support, in the near-term.
Any bounce from this support is likely to be short-lived. The chances are high for the stock to break ₹260 eventually and extend the fall going forward. Such a break can drag the stock down to ₹220-₹215 in the coming weeks. Traders can go short at current levels and also accumualte on a rise at ₹296. Stop-loss can be placed at ₹312. Revise the stop-loss down to ₹272 as soon as the stock touches ₹263. Move the stop-loss further down to ₹262 as soon as the stock falls to ₹248. Book profits at ₹235.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)