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The stock of Sudarshan Chemical Industries has been on a long-term downtrend and is more likely to begin a fresh leg of fall from here. The bounce-back since June has failed to breach the 100-Day Moving Average, currently at ₹467.3, since early August. Although there is a support at ₹441, the chances are high for the stock to break below it. Such a break can drag the stock to ₹410-₹400 in the next two-three weeks.
Traders can go short now and accumulate shorts on the rise at ₹459. Keep the stop-loss at ₹473 and trail it down to ₹445 as soon as the stock falls to ₹438. Move the stop-loss furhter down to ₹431 when the stock touches ₹425. Book profits at ₹415.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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