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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.)
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