Comments
The stock of Intellect Design Arena is under pressure. The 4.4 per cent fall on Monday has dragged it well below the key support level of ₹600 which would now act as a good support-turned-resistance. Any intermediate bounce from the current levels can be capped at ₹600 as fresh sellers can emerge at higher levels. The stock can fall to ₹555 from here.
A further break below ₹555 will see an extended fall to ₹535. Traders can go short at current levels. Accumulate shorts at ₹595 if an intermediate bounce is seen. Keep the stop-loss at ₹605. Trail the stop-loss down to ₹578 as soon as the stock falls to ₹571. Move the stop-loss further down to ₹568 when the stock touches ₹561 on the downside. Exit the shorts at ₹555.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.