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The stock of Indus Towers began its latest leg of downtrend in early December last year after facing a barrier at around ₹204. This week, it decisively breached a key support at ₹182, opening the door for further depreciation.
Although there was a minor gain on Wednesday, the stock’s downtrend is likely to continue, and particularly on Thursday. One can consider this stock for intraday trades shorting at ₹176.9 with ₹179 as stop-loss. Book profits when the price falls to ₹173. That said, do not trade if the stock opens Thursday’s session above ₹179.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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