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The short-term outlook for the stock of Bharat Dynamics is negative. A head and shoulder pattern formation on the daily chart strenghens the bearish case. Cluster of resistances are poised in the ₹812-₹818 region and as such, any bounce from the current level can be capped. There is a support at ₹785. However, the chances are high for the stock to break below it. Such a break can drag it down to ₹750-₹740 initially, and eventually even lower.
Traders can go short at the current levels and accumulate it on the rise at ₹810. Stop-loss can be kept at ₹824 and trail it down to ₹798, when the stock falls to ₹788. Move the stop-loss further down to ₹777, as soon as the stock touches ₹768 on the downside. Book profits at ₹760.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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