Sesa Goa has been on a downtrend since its peak of Rs 495 witnessed during the second week of April 2010. During past, the stock on repeated occasions found support around 100-day DMA. This week, we saw the stock breaking below its 100-day DMA. The recent decline was accompanied by higher volumes. Friday’s decline confirms the breakdown from the multiple support
A Hot pak bhabhi with her devar
Whenever, the stock breaks one moving average, then the next moving average becomes the next target. So a decline to 200-day DMA is not ruled out in Sesa Goa. In the medium term, every pullback is likely to face resistance around Rs 412 (100-day DMA). Traders are advised to short between the levels of Rs 370-378 with SL of Rs 387 for target of Rs 355," says IIFL stock research report.
Download the complete stock research report here.