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Investors with a short-term perspective can sell the stock of V-Guard Industries at current levels.
On Tuesday, the stock tumbled 5 per cent with above average volume, decisively breaking a key support at ₹197. The stock has been in a medium-term downtrend since encountering a significant resistance at ₹250 in April 2018. Following a corrective upmove, the stock met with resistance around ₹225 in late August and continued its downtrend. Since then, the stock has been in a short-term downtrend.
While trending down, the stock has decisively breached its key supports at ₹210 and ₹197. The stock is trading well below its 21- and 50-DMAs. The daily relative strength index has re-entered the bearish zone from the neutral region and the weekly RSI has entered the bearish zone. The short-term outlook is bearish. Traders can sell with stop-loss at ₹195. Short-term targets are ₹183 and ₹180 levels.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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