The stock could not get past the resistance at Rs 232 and formed a hanging man candlestick pattern. This pattern is a bearish reversal pattern, signalling short-term bearishness. Subsequently, the stock reversed by declining 4 per cent on August 14. The daily relative strength index has entered the neutral region after touching the overbought levels.
The stock is currently testing the short-term up trend-line and it is on the brink of penetrating this line. Our short-term forecast for the stock is bearish. We expect the stock to decline until it hits our price target of Rs 190 in the upcoming trading sessions. Traders with short-term perspective can sell the stock while maintaining a stop-loss at Rs 226.
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