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Investors with a short-term perspective can consider selling the shares of Indian Terrain Fashions at current levels. The stock has tumbled over 5 per cent on Wednesday and is down over 15 per cent so far this week. The uptrend that was in place since the November low of ₹119.6 halted at a high of ₹165 in December. The stock has reversed sharply lower from this high and is in a strong downtrend since then.
The sharp fall this week has taken the stock decisively below the 200- as well as the 100-day moving averages, both of which are poised at around ₹131. This could add further downside pressure. There is a support near the current levels at ₹117. But the stock looks vulnerable to break this support level and immediately fall to ₹115. Further break below ₹115 can drag it lower to ₹112 and ₹110. Key resistances are at ₹122, ₹124 and ₹125. Traders with a short-term perspective can go short. Stop-loss can be kept at ₹123 for a target of ₹115.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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