Stock to sell today: L G Balakrishnan & Bros (₹988.05): SELL


The outlook is bearish for L.G. Balakrishnan & Bros. Strong resistance is at ₹1,015 which can cap the upside. The stock is likely to fall back to test the support at ₹964. A break below ₹964 can drag the stock down to ₹900 in the coming days. Intraday traders can consider taking short positions at current levels.

Accumulate shorts on a rise at ₹1,005. Keep the stop-loss at ₹1,025. Trail the stop-loss down to ₹980 as soon as the stock moves down to ₹970. Move the stop-loss further down to ₹955 when the price touches ₹940. Exit the short positions at ₹915. Please note that this is an intraday trade. If neither the exit level not the stop-loss is hit during the day, then exit at the market half an hour before the market closing time.

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


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