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The stock of Godrej Properties has been on a downtrend since early December after facing resistance at ₹1,360. For the past few sessions though, it has been oscillating in the narrow range of ₹1,210-1,250. Although it closed at ₹1,211 on Wednesday, just above the support at ₹1,210, we see the probability of the stock slipping below ₹1,210 on Thursday high. It is likely to decline to ₹1,175.
Therefore, traders can short the stock of Godrej Properties for intraday with a stop-loss at ₹1,226. Book profits when price falls to ₹1,175. In case the stock opens with a gap-down, wait for a rise to ₹1,211 and then sell. Do not trade if it opens above ₹1,226.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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