Sell Sterlite Industries for target of Rs 630: India Infoline

MUMBAI: India Infoline has advised traders to sell Sterlite Industries for a target of Rs 630.

���The daily chart suggests that Sterlite Industries ran into critical resistance zone last week of Rs 734-740. On Monday, the stock price moved below its previous open and is currently struggling to breakout from the top of a trading range. The occurrence of Evening Doji Star, suggests reversal in last week���s uptrend. The above candlestick pattern creates a potential short-term reversal. A break below Rs 655 levels will see the stock correcting for potential target of Rs 630 and Rs 620. Furthermore, the stock gave a close below its short-term moving averages which is likely to trigger immediate correction. In view of the above mentioned technical evidences, we recommend traders to sell the stock at current levels. A stop loss of Rs 680 is recommended on all short positions,��� said India Infoline report.

Note: The call is valid for time period of 1-3 days.