The stock of The Indian Hotels Company is on a downtrend since mid-October. Since then any intermediate rallies have been finding fresh sellers at higher levels. Within the overall downtrend, the stock has been stuck in a narrow range over the last few days. This sideways range is likely to be broken on the downside and the overall downtrend is likely to resume in the coming days.

Such a break can drag the stock down to ₹170-₹165 initially. A further break below ₹165 will then pave way for a much steeper fall towards ₹150. Traders can go short at current levels. Accumulate shorts on a rise at ₹195. Keep the stop-loss initially at ₹203. Trail the stop-loss down to ₹178 as soon as the stock moves down to ₹170. Move the stop-loss further down to ₹168 as soon as the stock falls to ₹162. Exit the short positions at ₹155. The stock has strong resistance now in the ₹195-₹200 region. The stock will have to rise past ₹200 decisively to bring back the bullishness into the picture and also to negate the bearish view.

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