Technical Outlook & Trading Strategy:-
The price of Punj Lloyd appears to be forming a head and shoulder pattern (intraday chart). A breakdown from the said pattern would be confirmed when the price breaks below neckline support level of Rs 58.
Traders can look to sell at current price with a stop at Rs 61.15. Once the stock price trades below Rs 58, traders can add to short positions with a revised stop placed at Rs 59.05 levels.
We believe that if the Head & Shoulders formation does record a breakdown, the price could decline to levels of Rs 56 /Rs 54 levels.
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