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The short-term outlook of Jubilant Ingrevia is bearish. The stock range bound between ₹400 and ₹540 since March. Within this range, it made a high of ₹516 last week and has come-off from there. The stock has tumbled over 8 per cent from that high indicates the broader range is intact. It also increases the chances of the stock falling towards ₹400 – the lower end of the range in the next two-three weeks.
All moving averages are flat strengthens the case that the range is still in place and the stock can move down within this range. Traders can go short at current levels. Accumulate shorts on a rise at ₹490. Stop-loss can be kept at ₹520. Trail the stop-loss down to ₹460 as soon as the stock falls to ₹440. Move the stop-loss further down to ₹435 the stock touches ₹420 on the downside. Book profits at ₹410. The stock has to rise past ₹520 to negate the bearish view.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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