Comments
The outlook for the stock of Indoco Remedies is bearish. The 4.6 per cent fall on Wednesday has strengthened the short-term down trend. The current leg of fall has potential to drag the stock down to ₹275 in the next couple of weeks or even earlier. Strong resistance is ₹330-₹335 region.
An intermediate bounce is likely to be capped at ₹335. Fresh sellers are likely to emerge at higher levels and arrest the upmove. Traders can go short at current levels. Accumulate shorts on a rise at ₹326. Keep the stop-loss at ₹339. Trail the stop-loss down to ₹305, the stock falls to ₹295. Move the stop-loss further down to ₹294 when the stock touches ₹288 on the downside. Exit the short positions at ₹280.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.