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The stock of The Phoenix Mills is poised above the crucial support at ₹890. This trend support has been holding well since October last year. However, it looks vulnerable to break this support as the stock had broken and closed decisively below its 200-Day Moving Average (DMA) of ₹924. Additionally, the stock has also broken the uptrend line support that has been in place since May 2020.
These factors strengthens the bearish case, bringing in the fresh sellers at higher levels. We can expect the 200-DMA to act as a good resistance now, and cap the upside.
The stock can now fall to ₹800-₹780. Traders can go short at current levels and accumulate on a rise to ₹910. Keep the stop-loss at ₹945. Trail the stop-loss down to ₹880 as soon as the stock moves down to ₹860. Move the stop-loss further down to ₹840 when the stock falls to ₹825. Book profits at ₹810.
The bearish view will go wrong only if the stock manages to rise past the 200-DMA. In that case, an upmove back to ₹970-₹1,000 can be seen again.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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