The outlook is bearish for Coal IndiaThe share price had tumbled over 9 per cent last week. There is a head and shoulder bearish reversal pattern visible on the chart. This indicates a top formation and a trend reversal. The neckline resistance of this pattern is around ₹420. Above that ₹428-430 is the next strong resistance zone which can cap the upside. Coal India share price can fall to ₹385 from here. A break below ₹385 can drag the stock down to ₹365. Traders can go short now at ₹415. Accumulate on a rise at ₹419. Keep a stop-loss at ₹432. Trail the stop-loss down to ₹408 as soon as the stock moves down to ₹402. Move the stop-loss further down to ₹398 when the price touches ₹390. Exit the shorts at ₹386.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)