The short-term outlook for NLC India is bearish. The stock has been facing strong resistance around ₹228 over the last few days. The price action indicates the presence of strong sellers around ₹228. A negative moving average cross over on the daily chart also strengthens the bearish case. It indicates that any bounce could be capped and fresh sellers are likely to come into the market at higher levels.
NLC India share price can fall to ₹195 in a week or even earlier that if the fall gains momentum. Traders can go short now at ₹213. Add more shorts at ₹224. Keep the stop-loss at ₹231 initially. Trail the stop-loss down to ₹210 as soon as the stock falls to ₹207 Move the stop-loss further down to ₹206 when the price touches ₹201. Exit the shorts at ₹196
Today’s Stock Recommendation: 10th May 2024
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)