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    HomeBusinessCyient (₹778.6): SELL

    Cyient (₹778.6): SELL


    The outlook for the stock of Cyient is bearish. The stock has been falling since April last week and broke below its key support level of ₹810. This level of ₹810 will now act as a strong support-turned-resistance. As such, any intermediate bounce above ₹800 will be capped at ₹810. Fresh sellers are likely to emerge around this resistance and the immediate support is at ₹740. A break below it can drag the stock sharply lower to ₹650-₹630 over the next one or two months. Traders with a short-term perspective can go short at current levels.

    Accumulate shorts on the rise at ₹805 with stop-loss at ₹825. Trail the stop-loss to ₹760 as soon as the stock falls to ₹745. Move the stop-loss further to ₹740 when it touches ₹730 on the downside. Exit the shorts at ₹725.

    In case, if the stock sustains above ₹740, a range-bound move is seen between ₹740 and ₹810 for a few weeks. Thereafter, the expected break below ₹740 can happen. The stock will have to breach ₹810 and get a strong follow-through rise above ₹840 to negate the fall to ₹650-₹630.

    (Note: The recommendations are based on technical analysis. There is risk of loss in trading.)

    Published on May 17, 2022

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