Todays Pick

JK Lakshmi Cement (₹588.05): SELL

Gurumurthy K | | Updated on: Dec 16, 2021
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The stock can fall to ₹510-500 in the coming days

The outlook for the stock of JK Lakshmi Cement is bearish. The stock fell sharply be 4.82 per cent on Wednesday breaking below the key support level of ₹615.

The stock has tumbled over 6 per cent so far this week. The region between ₹615 and ₹620 will be good resistance zone for the stock. Next higher resistance is at ₹640. However, any intermediate bounce can be capped at ₹620 itself as fresh sellers are likely to come into the market at higher levels. The stock can fall to ₹510-500 in the coming days. Traders can go short at current levels. Accumulate shorts on a rise at ₹605. Keep the stop-loss at ₹625. Trail the stop-loss down to ₹580 as soon as the stock falls to ₹565. Move the stop-loss further lower to ₹545 as soon as the stock falls to ₹530. Book profits at ₹515. The region between ₹510 and ₹500 is a strong long-term trend support. As such the current downtrend is likely to halt in this support zone. From a long-term perspective, a fresh leg of rally is possible from the ₹510-500 region

(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)

Published on December 15, 2021

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