The outlook for the shares of Cox and Kings has turned negative.
Investors with a short-term perspective can consider selling the stock at current levels. The stock fell 4.5 per cent.
Prior to this fall, the stock has been stuck in a sideways range between Rs.235 and Rs.260 since November. With this fall, the stock has broken out of this sideways range closing decisively below Rs.235.
The stock has also closed below the 61.8 per cent Fibonacci retracement level of Rs.229.5. Immediate resistance is at Rs.229.5 and Rs.231.
A key resistance is poised at Rs.235. A fall to Rs.220 and Rs.218 looks likely at this juncture. Further break below Rs.218 will increase the danger of the stock extending its fall to Rs.210 or even Rs.200 thereafter.
Traders with a short-term perspective can go short. Stop-loss can be kept at Rs.231 for a target of Rs.218.