Union Budget 2011: 18.5% MAT on SEZ developers, units SEZ News
May 16, 2012:
On Monday, the stock tumbled 5.5 per cent and was testing a key support band between Rs 115 and Rs 118. Further, the stock fell three per cent with above average volume breaching this support band on Wednesday. This decline has reinforced the stock's short- as well as medium-term downtrend.
The stock is hovering well below its 50- and 200-day moving averages. Considering that the stock's medium-term downtrend line is in tact, and it has breached a key support zone we are bearish on it from a short-term horizon. We expect its decline to prolong and touch our price target of Rs 108 or Rs 104.5 in the forthcoming trading sessions. Traders with short-term perspective can consider selling the stock with stop-loss at Rs 114.5.