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The stock of Intellect Design Arena is under pressure. The 4.4 per cent fall on Monday has dragged it well below the key support level of ₹600 which would now act as a good support-turned-resistance. Any intermediate bounce from the current levels can be capped at ₹600 as fresh sellers can emerge at higher levels. The stock can fall to ₹555 from here.
A further break below ₹555 will see an extended fall to ₹535. Traders can go short at current levels. Accumulate shorts at ₹595 if an intermediate bounce is seen. Keep the stop-loss at ₹605. Trail the stop-loss down to ₹578 as soon as the stock falls to ₹571. Move the stop-loss further down to ₹568 when the stock touches ₹561 on the downside. Exit the shorts at ₹555.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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