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The outlook for the stock of Amber Enterprises India is bearish. The stock was down 5.15 per cent on Monday. Key near-term resistances are at ₹3,220 and ₹3,300. Any intermediate bounce in the coming days is likely be capped at ₹3,300. Fresh sellers are likely to emerge at higher levels and keep the stock under pressure.
A fall to ₹2,980 can be seen in the coming days. A strong break below ₹2,980 can drag the stock further lower to ₹2,750. Traders with a short-term perspective can go short at current levels. Accumulate shorts at ₹3,205. Keep the stop-loss at ₹3,270. Book partial profits, say for 30 per cent of the holding, at ₹2,985.
Trail the stop-loss for the rest of the holding to ₹3,060. Move the stop-loss further lower to ₹2,970 as soon as the stock moves down to ₹2,870. Exit the balance of the positions at ₹2,785. The bearish outlook will get negated only on a break above ₹3,300. Such a break can take the stock up to ₹3,500 and higher levels thereafter.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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