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I have shares of Angel One. My purchase price is ₹2,755. Can I hold it for long term or should I exit now with minimum loss?
Ajay, Kochi
Angel One (₹2,242): The stock has been in a strong downtrend since mid-January this year. The share price touched a high of ₹3,900 earlier in January this year and has tumbled over 40 per cent from there. The downtrend is still intact. There is room on the downside to test ₹2,100-₹2,000. The price action thereafter will need close watch. A bounce from around ₹2,000 will give some breather.
However, the stock has to surpass ₹2,500 to indicate a trend reversal and to turn the outlook bullish. Only then a rise to ₹3,000-3,500 will come into the picture. But if the stock declines below ₹2,000, the downside pressure can increase. That, in turn, will drag Angel One share price down to ₹1,500 in the coming months. At this moment, it is not very clear whether the stock can bounce from around ₹2,000 and rise past ₹2,500. So, we suggest you exit the stock at current levels and accept the loss.
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