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Investors with a short-term perspective can consider selling the shares of National Buildings Construction Corporation (NBCC) at current levels. The stock opened with a huge gap down below the 200-day moving average on Monday and fell to close lower by 2.5 per cent. The stock has now recorded a negative close for the fifth consecutive day, in the process witnessing a decisive break to close below the 200-day moving average support at ₹909.
The outlook is bearish. Immediate resistances are at ₹905 and ₹909. Intraday rallies to these resistances could attract fresh selling interest. A fall to test the immediate support at ₹886 looks likely now. A strong break below this support can drag the stock lower to ₹878 and ₹875 thereafter. Traders with a short-term perspective can go short. Stop-loss can be placed at ₹906 for a target of ₹880. The downside pressure will ease only if the stock breaks and records a decisive close above the 200 DMA.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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