As per money control article , In the last quarter, the stock has rallied from Rs 4 to Rs 50. This month also the stock tried to sustain above 55-mark but due to consistent selling pressure from traders and investors, it failed to continue with the positive momentum.
The stock is witnessing selling pressure and since the last four days, it is hitting the lower circuit. Back-to-back lower circuit clearly suggests traders prefer to book profits near Rs 50.
We are of the view that the stock is extremely volatile and there is a strong possibility of a further downside that can’t be ruled out.
On the upside, Rs 50-55 should act as strong resistance area in the near term. In case of any pullback rally from current levels, investors should reduce weak trading long positions.