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The stock of UPL Limited fell off from the resistance at ₹800 early this month. Last week, it slipped below the 50-day moving average as well. Overall, the bias is bearish for the stock. Although rising a bit, it has a barrier at ₹725, which the scrip could not breach for the past few sessions. With nearer to its resistance level, UPL can be considered for short positions. We suggest taking intraday shorts at around ₹724 with stop-loss at ₹736. Book profit if the price falls to ₹700 – a strong support. That said, don’t short if it opens above ₹736 on Thursday.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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