The uptrend in the stock of Religare Enterprises that has been in place since March 2020 seems to have found a top. The stock had failed in its several attempts made to break above ₹190 since September. This leaves the bias bearish for the stock. The price action over the last couple of weeks indicate that a corrective fall has just begun. A fall to ₹140 is likely in the near-term. A break below ₹140 can drag the stock down to ₹130 and ₹120 thereafter. Resistances are at ₹153 and ₹159. The level of ₹153 itself is likely to cap the upside from here as an intermediate bounce in the coming sessions is likely to get fresh sellers coming into the market. Traders can go short at current levels. Accumulate shorts at ₹152. Stop-loss can be placed at ₹158. Trail the stop-loss down to ₹147 as soon as the stock falls to ₹143. Move the stop-loss further down to ₹141 as soon as the stock touches ₹138. Book profits at ₹133. The region around ₹120 is a strong medium-term trend support. As such the current fall the halt around ₹120.

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

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