Chart Check: Shree Cement breaks down from lower channel on weekly charts; time to sell?

Shree Cement shares have fallen by around 10% from their February highs and may see further downside if they fail to hold onto the 200-day moving average support, according to analysts. The stock, which hit a high of INR27,013 ($402) on 21 February, is displaying bearish signs as it trades below 5-, 10-, 30- and 50-day moving averages but above the 200-day and 20-day counterparts. Shree Cement may be a short-term sell opportunity at INR24,300, with a stop loss of INR24,900 and a target of INR23,200, suggests Emkay’s Kapil Shah.

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