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The short-term outlook the stock of Allcargo Logistics is bearish. The stock has been coming down over the last few days after failing to sustain above ₹400. This keeps intact the downtrend that has been in place since November.
The 21- and 100-Day Moving Average and a trendline are all poised in between ₹406 and ₹411. That makes the ₹406-₹411 region a very strong resistance region that might be difficult to break.
Allcargo Logistics can fall to ₹360 in the next one-two weeks. Traders can go short now. Accumulate shorts on a rise at ₹403. Keep the stop-loss at ₹415. Trail the stop-loss down to ₹385 as soon as the stock falls to ₹375. Move the stop-loss further down to ₹374 when Allcargo Logistics touches ₹368 on the downside. Book profits at ₹362.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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