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The short-term outlook for the stock of Sunteck Realty is bearish. The sharp 4.4 per cent fall on Wednesday indicates that the downmove that has been in place since mid-July is intact. Immediate support is at ₹435. A break below it can drag the stock down to ₹415 and even ₹400 in the next two-three weeks. Resistances are at ₹475 and ₹483 which can cap the upside. The stock has to break above ₹483 decisively to negate the bearish view. Traders can go short now. Accumulate shorts on a rise at ₹470. Keep the stop-loss at ₹492. Trail the stop-loss down to ₹444 as soon as the stock moves down to ₹430. Move the stop-loss further down to ₹430 when the stock touches ₹420 on the downisde. Book profits at ₹405.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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