Investors with a short-term perspective can consider selling the stock of Gateway Distriparks at current levels. On Wednesday, the stock tumbled 4 per cent, conclusively breaking through a key support at Rs.340 levels. Since encountering significant resistance at Rs.450 in March, the stock has been on a medium-term downtrend. The short-term trend too, has been down for the stock from its June peak of Rs.399. The stock’s recent fall has decisively breached its moving average compression (21-, 50- and 200-day moving averages) around Rs.350.
The relative strength index on the daily chart features in the bearish zone and the weekly RSI has just entered the negative zone from the neutral region implying downward momentum. The short-term outlook for Gateway Distriparks is bearish. The stock can continue to drop to hit the price target of Rs.310 and Rs.304 in the upcoming sessions. Sell the stock with a stop-loss at Rs.331.
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